From 1 November 2021, if you have new employees start, you may have an extra step to take to comply with choice of fund rules if they don’t choose a super fund. You may now need to request their ‘stapled super fund’ details from the ATO. But what is a stapled super fund?
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. The change aims to reduce account fees by stopping new super accounts from being opened every time an employee starts a new job.
You need to offer your eligible employees a choice of super fund and pay their super into the account they tell you.
If your employee doesn’t choose a super fund, you may need to log into the ATO online services portal to request their stapled super fund details. A tax practitioner can also do this for you.
As always, the team at PTP are ready to assist you if you have any questions or concerns regarding your employees superfunds. Please get in contact with us and we will be happy to help.