What to know more? Please contact your BDO adviser. The main aim of the ATO is to reduce account fees by stopping new super accounts from being opened every time an employee starts a new job. This means there should be no excuses for unpaid super. From 1 November 2021, where no choice is made of a superannuation fund by a new employee, the employer can no longer use their default fund. A stapled super fund is an existing super account of an employee that follows them as they change jobs. the old business portal) to ensure the appropriate staff have access and that the personal information of employees will be protected. Employees will need to have the 'Employee Commencement Form' permission in order to request a stapled super fund. Further, you will need to review policies, procedures and systems to have them ready in time for the 1 November start-date, to be able to implement the new rules. New rules commence on 1 November 2021 regarding Stapled Super Funds for new employees who are eligible to choose a fund.
#Stapled super update
Your tax agent can also do this for you.Ĭheck and update the access levels of your staff that use online services for business (i.e. The results will appear on-screen within minutes. enter your employee's details, including their tax file number, name, date of birth and address (only required if TFN is not provided). From 1 November 2021, employers may need to request their ‘stapled super fund’ details. The change aims to stop new super accounts from being opened every time an employee starts a new job. If a new employee does not have a stapled fund and does not choose a fund, the employee’s super can be paid. Then, to request a stapled super fund, you’ll need to: a. 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.
This change aims to reduce the number of additional super accounts opened for each new job.
The ATO has stated on their website that from 1 November 2021, an employer will be able to request stapled super fund details for new employees using online services for business. A stapled super fund is an existing account that is linked or ‘stapled’ to an individual employee, so it follows them as they change jobs. New rules commence on 1 November 2021 regarding Stapled Super Funds for new employees who are eligible to choose a fund.įrom 1 November 2021, where no choice is made of a superannuation fund by a new employee, the employer can no longer use their default fund. Instead, 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).Ī stapled super fund is a superannuation fund account that an employee already has, which the individual can continue to use when changing jobs as it will be ‘stapled’ to them. Step 1: Offer your new eligible employees a choice of super fund Provide all new employees with a Super Standard Choice Form and pay super guarantee contributions into the account nominated on the form.
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