Home topics small-business-resources general General General Ready for Super Choice? Guest Author June 1, 2005 The deadline for SMEs to meet choice of superannuation requirements is looming, and there will be harsh penalties for those who don’t comply – Michael Hutton takes us through some of the most important issues and common scenarios. Anecdotal evidence suggests that many SMEs have done little, if anything, to prepare for the introduction of the choice of superannuation fund legislation. Time is fast running out for them to comply. If they don’t get started soon they may be unable to meet their legal obligations by the due date of July 29, 2005. Companies finding themselves in this position will inevitably find implementation more costly and time consuming. How do employers know what to do? For those who have not yet prepared, some general advice is on the way. The Choice of Fund Form, the relevant sections of which must be completed by all employers before it is distributed to employees, is now available. The Australian Tax Office is mailing a ‘Choice of Fund information pack’ to employers. Any employer who has not yet received it should follow up with the ATO. Those employers who have received it should take the action outlined. July (ensuring adequate systems are set up, a complying default fund is in place, and ensuring all employees have completed and returned their choice of fund forms) and October (when the first superannuation contributions under Super Choice must be made) will be