From 1 November 2021, if you have new employees start and they don’t choose a super fund, you may have an extra step to take to comply with choice of fund rules. You may need to request their ‘stapled super fund’ details from the ATO. Log in to read more For a summary of what you need to know, download the Stapled super funds Reference guide for employers (PDF, 406KB).This link will download a file.
Stapled super funds
A stapled super fund is an existing super account linked, or ‘stapled’, to an individual employee so it follows them as they change jobs. This aims to reduce account fees, avoiding new super accounts being opened every time an employee starts a new job. If you don’t meet your choice of super fund obligations, additional penalties may apply.
The ATO has a webcast which guides you through the changes and steps you’ll need to take to request your employees stapled super funds.
You can access the webcast HERE.
Remember, when it comes to taxation matters you should consult direct with the ATO, your accountant or tax adviser.
