Stapled super funds
Most new employees are eligible to choose the super fund into which employers pay their super guarantee contributions.
Currently, when a new employee doesn’t choose their own super fund, the employer must pay super contributions into their default fund.
From 1 November, if any new employees start, the employer may have an extra step to comply with the choice of fund rules.
If a new employee doesn’t choose a super fund, the employer may need to request their ‘stapled super fund’ details from the ATO.
A stapled super fund is an existing super account that is linked, or ‘stapled’, to an individual employee so that it follows them as they change jobs.
The change aims to reduce account fees by stopping new super accounts from being opened each time they start a new job.
From 1 November, employers will be able to request stapled super fund details for new employees using Online services for business.
What employers can do now
To make sure you’re ready when the time comes, check and update the access levels of your authorised representatives using Online services on behalf of your business. This will also protect the personal information of your employees.
Please contact the team at Salisbury Accountants in Albury NSW on 02 6041 3014 if you have any queries about stapled super funds prior to 1 November.