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Most people can choose the super fund they want their employer contributions paid into, as long as it’s a complying fund. A complying fund is an Australian super fund that receives concessional tax treatment because it’s regulated under the relevant super legislation and hasn’t been issued with a notice of non-compliance.
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You’re generally eligible to choose a super fund for your super guarantee contributions if:
If you’re eligible to choose a fund, your employer must give you a Standard choice form so you can make that choice in writing.
You may also be able to choose how your savings are invested. Some fund investment strategies offer higher returns with higher risks, while others offer greater security for your money but with lower returns.
You may wish to speak to an independent qualified super professional to decide your investment strategy.
You’re not eligible to choose the super fund you want your super guarantee contributions paid into if:
For more information, refer to Choosing a super fund.
For help comparing super funds, visit ASIC’s consumer website – MoneySmart – at moneysmart.gov.auExternal Link and use their super calculator.
If you’re not sure what award or industrial agreement, if any, you’re covered by:
There are five basic types of funds. However, funds decide who can join.
For more information about comparing super funds, visit ASIC’s consumer website – MoneySmart – at moneysmart.gov.auExternal Link and use their super calculator.
If you set up a self-managed super fund (SMSF), the responsibility of managing it rests solely with the trustee (you).
Establishing and operating an SMSF is a major financial decision. After all, with this type of fund you’re both a member and a trustee. This means you have control over and responsibility for your fund’s investment decisions. You also have to manage the fund’s legal responsibilities.
SMSFs receive tax concessions like any other super fund and certain contributions made to the fund are taxed at 15%, just like any other super fund.
There are a range of advisers and professionals who can help you. First, you should discuss your personal circumstances with a qualified professional.
Be very wary of promoters who approach you to set up an SMSF with the purpose of withdrawing some or all of your super to pay for things other than your retirement. These arrangements are illegal, and you could incur severe penalties and lose your super.
For more information, refer to Self-managed super funds – home.
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