Get the free Choice of super fund standard choice form - cbus-upgrade clients squiz

Choice of super fund: standard choice form Complete this form if you are an: employer with employees who are eligible to choose a super fund, OR employee who is eligible to choose a super fund. When

How to fill out choice of super fund

How to fill out choice of super fund:

1. Obtain the necessary form: Start by obtaining the choice of super fund form from your employer or the Australian Taxation Office (ATO) website. This form is typically required when you start a new job or change employers.
2. Gather required information: Before filling out the form, gather the necessary information. This may include your personal details, tax file number (TFN), and details of your chosen superannuation fund. Make sure you have all the details handy to accurately complete the form.
3. Provide personal information: Begin by providing your personal details such as your full name, address, date of birth, and TFN. These details are crucial for ensuring that your super contributions are correctly allocated to your account.
4. Choose a superannuation fund: Indicate your preferred choice of super fund by specifying its name, Australian Business Number (ABN), and Unique Superannuation Identifier (USI). You can choose either a retail fund, industry fund, or a self-managed super fund (SMSF), depending on your preferences and circumstances.
5. Nominate an investment option: Some super funds offer various investment options, such as high growth, balanced, or conservative. Consider your risk tolerance and investment goals, and select the option that aligns with your financial strategy. If you are unsure, seek financial advice.
6. Complete beneficiary nomination: Some super funds allow you to nominate a beneficiary who will receive your super benefits in the event of your death. If you wish to make such a nomination, provide the beneficiary's full name, date of birth, and relationship to you.
7. Signature and submission: Review the form thoroughly, ensuring all information provided is accurate and complete. Then, sign and date the form before submitting it to your employer or the relevant authority as instructed. Retain a copy for your records.

Who needs choice of super fund:

1. Employees starting a new job: When starting a new job, employers usually provide a choice of super fund form to allow employees to nominate their preferred fund for superannuation contributions. Employees should fill out this form to ensure their super contributions are allocated correctly.
2. Employees changing employers: If you change jobs, your new employer may also require you to complete a new choice of super fund form. This allows you to continue contributing to your existing super fund or choose a new one that better suits your needs.
3. Individuals with multiple super funds: If you have multiple superannuation accounts, consolidating them into a single fund can simplify administration and potentially reduce fees. By filling out a choice of super fund form, you can nominate the fund where you want to consolidate your super balances.
4. Individuals seeking better investment options: If you are dissatisfied with the investment options or performance of your current super fund, filling out a choice of super fund form allows you to switch to a different fund offering investment options more aligned with your preferences and goals.
5. Individuals considering self-managed super funds: If you prefer greater control and want to manage your own super investments, you may choose to establish a self-managed super fund (SMSF). Filling out a choice of super fund form allows you to specify your SMSF details and transition your super balance to this structure. However, SMSFs have additional legal and reporting obligations, so seek professional advice before making this choice.

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What is choice of super fund?

Choice of super fund is the decision made by an employee regarding which superannuation fund their employer should pay their super contributions into.

Who is required to file choice of super fund?

All employees who are eligible to choose their own super fund are required to file a choice of super fund form with their employer.

How to fill out choice of super fund?

Employees can fill out the choice of super fund form provided by their employer or they can request a form from the Australian Taxation Office (ATO) website.

What is the purpose of choice of super fund?

The purpose of choice of super fund is to allow employees to select a superannuation fund that best meets their needs and preferences.

What information must be reported on choice of super fund?

Employees must provide their personal details, the name of the chosen super fund, and the super fund's unique superannuation identifier (USI) on the choice of super fund form.