|New rules commence on the 1st November 2021 regarding Stapled Super Funds for new employees who are eligible to choose a super fund.
Where no choice is made of a superannuation fund by a new employee, the employer can no longer use their default fund.
There is a requirement that the employer must use the employee’s ‘stapled super fund’. The employer will be required to source the name of the superannuation fund from the Australian Taxation Office (ATO). This change aims to stop your new employees paying extra account fees for unintended super accounts set up when they start a new job.
What you need to know
What is a Stapled Super Fund
A stapled super fund is an existing super account which is linked, or ‘stapled’, to an individual employee so that it follows them as they change jobs.
How to request stapled super fund details
If the employee doesn’t choose a super fund, the employer may need to log into the ATO’s online services to request the stapled super fund details; alternatively one of our experienced accountants can assist.
The employer will be able to request the employee’s stapled super fund after submitting a Tax file number declaration or Single Touch Payroll pay event. There is no limit to the number of requests which can be made.
To request a stapled super fund:
What action do I need to take now?
To make sure you’re ready to request stapled super fund details, check and update the access levels of your authorised representatives in ATO online services.
If an authorised representative doesn’t:
28 September 2021