Super is Now Following New Employees
The ATO is reminding employers that, as of 1 November 2021, there is an extra step they may need to take to comply with the choice of super fund rules.
If a new employee does not choose a super fund, most employers will need to request the employee's 'stapled super fund' details from the ATO to avoid penalties.
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.
When a new employee starts, employers need to:
- Offer eligible employees a choice of super fund;
- If the new employee does not choose a super fund, the employer will need to request stapled super fund details using Online services for business; and
- Pay super contributions into one of the following:
- The super fund they choose;
- The stapled super fund the ATO provides if they have not chosen a fund; or
- The employer's default fund (or another fund that meets the choice of fund rules) if the employer cannot pay into the two above.
If you would like to discuss this please contact our office.