Have a new employee starting from 1 November 2021?
Then you need to follow the super stapling rules.
So what does it mean?
Where no choice has been made by a new employee of a superannuation fund, the employer can no longer use their default fund. Instead, the employer must use the employee’s 'stapled super fund'.
What is it?
A 'stapled super fund' is an existing super account linked, or 'stapled', to an individual employee so it follows them as they change jobs
How can an employer source this information?
You can source the name of the stapled superannuation fund for the employee from the Australian Taxation Office (ATO) utilising their online services for business.
Make sure that staff have appropriate access to do this or you can ask your tax agent to help.
Anything else to consider?
Yes, it would also be a good idea to update your employment contracts, onboarding and payroll processes to comply.
For a summary from the ATO of what you need to know, download their Stapled super funds Reference guide for employers
Disclaimer: This blog is for general informational purposes only. For advice on your specific situation, please contact a tax professional, ie us 😊
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