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Reduce contribution hassles with SuperSplit


Reduce contribution hassles with SuperSplit

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  • pg 1
									   FirstChoice Employer Super

   Reduce contribution hassles
   with SuperSplit
How many different super funds do you make contributions to? If you’re like the majority
of medium‑sized businesses, you’ll be making contributions to more than 10 different super funds.
And this number looks set to increase.1

SuperSplit – making it simple to manage                                         What does it cost?
employee super                                                                  As long as 50% of the contribution file is invested in FirstChoice
SuperSplit is FirstChoice Employer Super’s contribution splitting               Employer Super, it doesn’t cost anything to use SuperSplit.
facility designed to minimise the effort of administering                       If the number of contributions going out of FirstChoice Employer
superannuation.                                                                 Super exceeds 50%, a fee of $0.50 (inc GST) will apply for each
Instead of having to send contributions to multiple super funds,                contribution that is made to a third party super fund. This fee
you can just make one payment to FirstChoice Employer Super                     will be charged directly to the employer and added to the
and we will redirect the contributions to your employees’ chosen                amount payable at the time of making the contribution.
super funds.
                                                                                How does it work?
SuperSplit is only available to employers with their own plan in
                                                                                Setting up a choice of fund nomination
FirstChoice Employer Super. Following is a summary of the major
features of SuperSplit, however the Product Disclosure Statement                You must provide each employee with a Choice Nomination
(PDS) provides further details, including a summary of your                     Form as required under legislation, generally within 28 days of
superannuation obligations.                                                     commencing employment or requesting a form.
                                                                                Your employee fills in the form, telling you where they want their
What makes us different?                                                        super contributions paid.
All clearing houses are not created equally. Many super providers               You log on to FirstNet Employer and select Update choice
offer a clearing house facility that is separate from their own                 of fund.
business. This means the super fund provider isn’t responsible
                                                                                Choose whether it’s a public offer or industry fund,
for the service standards of the clearing house.
                                                                                or a self‑managed super fund. If it’s a public offer or industry
SuperSplit is designed, built and run by Colonial First State which             fund, you can search through the comprehensive library of fund
means it integrates seamlessly with our systems and our online                  names to locate the nominated fund. This makes it easier to
facility, FirstNet Employer.                                                    identify the correct super fund and ensures payments get to
Because SuperSplit is fully incorporated into FirstChoice Employer              their correct destination.
Super’s administration functions, we offer a rapid transfer of                  If they have chosen a self‑managed super fund, you’ll need
funds. We action the request to redirect funds the day after the                to enter the information about their fund.
contributions are received and they are generally redirected to
                                                                                That’s it – you only need to update their choice details once.
your employees’ chosen super funds within three days.
Importantly we’re able to redirect funds to any complying super
fund your employee chooses, including self managed super funds.

1 The Australian Medium Sized Business Market for Superannuation; 2007, Cameron Research Group, May/June 2007.
Making contributions                                                                   Your superannuation obligations –
You upload and confirm a single contribution file that includes                        what must you do?
the members of FirstChoice Employer Super and any employees                            Employers are responsible for meeting their superannuation
who have chosen another fund. Our system will identify the                             obligations. To be able to use SuperSplit you need to:
amounts for investors who have chosen another fund. Once                               W apply to set up a plan under FirstChoice Employer Super
you have confirmed the payment of your contributions, we will                            using the application form at the back of the FirstChoice
transfer contributions to the requested super provider on the                            Employer Super – Employer PDS
next working day.                                                                      W provide eligible employees with a Choice Nomination Form
Remember to always pay contributions well in advance of the SG                         W obtain and keep records of employees’ details as required
quarterly due dates to allow sufficient processing time. Only                            under legislation including TFN declarations, Choice
contributions that have been paid and allocated or transferred to                        Nomination Form and evidence of employees’ funds’
the employees’ chosen super fund will count for SG purposes.                             complying status
                                                                                       W provide your employees’ TFNs to their chosen super fund
What if a contribution is rejected?
                                                                                       W pay contributions and upload and confirm contributions file
Our experience is that, if a choice nomination has been set up
                                                                                         using FirstNet well before the SG quarterly due dates, making
correctly, payments are rarely rejected. If this does happen,
                                                                                         sure to allow enough time for contributions to be processed
SuperSplit has a ‘reject process’ in place to minimise any impact
                                                                                         before the due date in order to have them count for SG
from the funds not being invested and reduce the risk of you
failing to meet your SG obligations.
                                                                                       W pay SG charge to the ATO if contributions are not allocated to
We allocate any rejected payments into an account for that
                                                                                         employees’ accounts by the SG quarterly due date, and
employee in FirstChoice Employer Super in the employee’s
                                                                                       W keep employees’ personal details up‑to‑date on FirstNet,
name. We then notify the employer and the employee to let
                                                                                         including salary and category details to ensure your
them know that the contribution has been invested into
                                                                                         employees get all the benefits of FirstChoice Employer Super.
FirstChoice Employer Super, and to advise them to update and
resubmit their Choice Nomination Form. We will continue to
allocate any future contributions to the employee’s FirstChoice
Employer Super account until we are able to successfully
contribute to their chosen fund.

  More information
  For more information on SuperSplit, speak to your plan’s financial adviser
  or call us on 1300 654 666.

Investments in FirstChoice Employer Super are issued from the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557 by Colonial First State
Investments Limited ABN 98 002 348 352, AFS Licence 232468 (Colonial First State). This document is prepared by Colonial First State to provide general information
only and is not financial advice. It does not take into account your individual objectives, financial situation or needs. A product disclosure statement (PDS) is available
from our website colonialfirststate.com.au or by calling 1300 654 666. You should read the PDS and assess whether the information is appropriate for you and consider
talking to a financial adviser before making an investment decision.
This information is based on Colonial First State’s understanding of the relevant Australian laws as at 9 October 2007. As these laws are subject to change you should
refer to our website at colonialfirststate.com.au or talk to a financial adviser for the most up‑to‑date information. While reasonable care has been taken in the
preparation of this document, no person including Colonial First State or any member of the Commonwealth Bank group of companies accepts responsibility for
any loss suffered by any person arising from reliance on this information.

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