What is a superannuation product identification number

what is a superannuation product identification number

What is a Superannuation Product Identification Number (SPIN)?

What are Superannuation Product Identification Numbers (SPIN)?

A Superannuation Product Identification Number is a different number appointed to all superannuation funds as an identifier.

SPINs are recognised by the following government organisations:

  • Australian Prudential Regulation Authority (APRA)
  • Australian Tax Office (ATO)
  • Treasury
  • Australian Securities and Investment Commission (ASIC)

Superannuation Product Identification Numbers are instrumental in the tracking of contributions and rollovers for the ATO.

What are SPINs used for?

SPIN’s assist the ATO in tracking contributions/rollovers, which streamlines regulation and management of:

Superannuation Product Identification Numbers are also used on the superannuation Employer’s Choice Form by employers, employees and payroll officers, so that employees can nominate their preferred choice of fund for employer contributions to be made into (e.g. SG

contributions. Salary Sacrifice Contributions ).

The use of Superannuation Product Identification Numbers (SPINs) is becoming more prevalent. Therefore, most superannuation providers will ensure that their SPIN is clearly available on their website, product documentation or disclosure statements.

You should be able to find your Superannuation Product Identification Number (SPIN) here at the Spin Directory .

If you would like anything clarified or have any further questions about Superannuation Product Identification Numbers (SPINs) or any other topics, please do not hesitate to leave a comment in the section below and I will endeavour to respond within 24 hours.

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Source: www.superguy.com.au

Category: Insurance

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