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Extra 'super' step when hiring new employees

 

Most new employees are eligible to choose the super fund you pay their super guarantee contributions to.

 



 


Currently, when a new employee doesn’t choose their own super fund, you must pay super contributions into your default fund.


From 1 November, if you have new employees start, you may have an extra step to comply with the choice of fund rules. If a new employee doesn’t choose a super fund, you may need to request their 'stapled super fund' details from us.


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 being opened each time they start a new job.


From 1 November, you will be able to request stapled super fund details for new employees using Online services for business.


What you can do now


To make sure you're ready when the time comes, check and update the access levels of your authorised representatives using Online services on behalf of your business. This will also protect the personal information of your employees.


 


Read more.


 


ATO




16th-September-2021