Fund notification

On the 21 September 2011 the Assistant Treasurer and Minister for Financial Services and Superannuation released the government's position on the 'Stronger Super' reforms, which are designed to improve the super system and better safeguard the retirement savings of all Australians.

This measure was announced as part of the government's broader Protecting Workers' Entitlements Package.

From 1 July 2013, super funds and retirement savings account (RSA) providers will be required to issue to their members either:

• six monthly statements which show contributions made for the preceding six months
• quarterly electronic statements of whether they have 'received' or 'not received' any super contributions for the preceding quarter.

Electronic statements will need to be sent by email or, if the email details are not available, by SMS to the member. Electronic reporting will require funds and RSAs to give members access to a web-based portal for a more detailed view of their transactions.

This policy will help ensure that super entitlements are paid in a timely manner and that employees are given more timely information about their super.

These proposed changes are not law as they have not been passed by parliament or received royal assent.

Media releases

For more information, refer to media release no.131 issued on 21 September 2011 by the Assistant Treasurer and Minister for Financial Services and Superannuation.

Legislation and supporting material

The draft legislation and Explanatory Memorandum was released on 30 July 2012.

More information

For more information refer to the:

• Stronger Super information pack - section 3.6 (PDF 407 KB)
• Stronger Super: outcomes of the consultation process
• Guide to superannuation for employers.