A Superannuation Product Identification Number (SPIN) is a different number appointed to all superannuation funds as an identifier.
SPINS are used and recognised for a number of reasons.
SPINs are recognised by the following government organisations:
- Australian Prudential Regulation Authority (APRA)
- Australian Tax Office (ATO)
- Australian Securities and Investment Commission (ASIC)
Superannuation Product Identification Numbers (SPIN) are instrumental in the tracking of contributions and rollovers for the ATO.
What are Superannuation Product Identification Numbers (SPIN)?
SPIN’s assist the ATO in tracking contributions/rollovers, which streamlines regulation and management of:
- Non-Concessional Contribution Caps
- Concessional Contribution Caps
- Payment of Government Co-Contribution
- Payment of the Low Income Superannuation Contribution (LISC)
- Rollover trails
- Contributions and level of deductions
Superannuation Product Identification Numbers (SPIN) 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.
Finding Superannuation Product Identification Numbers (SPIN)
You should be able to find your Superannuation Product Identification Number (SPIN) here at the Spin Directory.
Many superannuation providers or retirement account types have similar names, which can make it confusing as to which superannuation fund or account is being referred to. A SPIN is a unique identifier number, allowing you to accurately determine which fund or retirement account you are dealing with.
You can recognise SPIN codes by their format. They will consist of 3 letters, followed by 4 numbers, followed by 2 letters. For example AustralianSuper is STA0100AU.
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.