Superannuation Change for New Employees

The rules of using a default superannuation fund have changed.

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 the employee doesn't choose a super fund. You may now need to request their ‘stapled super fund’ details from the ATO.

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.

What you need to do from 1 November 2021 is set out in the ATO guidelines, please click on the below link for more information:

https://www.ato.gov.au/Business/Super-for-employers/Setting-up-super-for-your-business/Offer-employees-a-choice-of-super-fund/Request-stapled-super-fund-details-for-employees/

Please contact us if you have any questions.