Employers please note that from 1st November 2021, for each new employee who does not provide their choice of superfund, you will need to contact ATO and request the employees 'stapled superfund' details.
A stapled super fund is an existing super account of an employee that follows them as they change jobs. This change aims to stop your new employees paying extra account fees for unintended super accounts set up when they start a new job.
- Offer eligible employees a Super Standard Choice form, and pay the required super timely (No change here)
- Request Stapled Super Fund details if employee doesn't choose a super fund.
- Pay their super into a default fund, ONLY if employee doesn't choose a superfund AND they don't have a stapled fund.
Additionally may we mention that a penalty of $500 per quarter / per notice period for each employee may apply, if you fail to get your employees to complete the Superannuation Standard Choice Form.
Further information on this new obligation can be found here.
Please contact us should you need any clarification or assistance.