Choice Of Funds

From the 1st July 2005, choice of funds has been available as follows:

• Many employers must give their employees choice. However there are some exceptions such as employees covered by State Awards or have entered into Certified Agreements or Australian Workplace Agreements that specify the Superannuation Fund. Employers are required to provide their employees with a Standard Choice Form when they commence each year and each year upon request.
• Where an employee fails to make a choice then the employer makes contributions to the default fund.
• Employers will not be required to accept the employee's choice election if the employee provides insufficient written evidence as required on the Standard Choice Form.
• DIY Super Funds, via Crea & Co Pty Ltd, are suitable for choice of funds contributions or to elect to rollover your present Super from existing super funds.
• Additional voluntary contribution (non concessional personal) from after tax money can also be paid into the Super Fund of your choice including your own DIY Super Fund. These contributions may qualify for up to $1,500, Government Co - Contribution payment to your superfund and are available to you tax free on retirement.
• Basically you choose where your Superannuation money goes, take advantage of the opportunity to get your employer to pay your Super Fund entitlements into your own DIY Super Fund.

Note: that costs of running a DIY Super Fund compared to the cost of your present or other Superannuation investments must be calculated. As a general statement investments under $100,000 and tending towards $200,000 are needed in a DIY Super Fund to be cost effective. However individual circumstances may vary.

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