Employers may soon need to do something extra when a new employee starts to work for them.
Currently, if a new employee does not choose their own fund, their employer can pay contributions for them to a default fund.
From 1 November 2021, if a new employee does not choose a specific fund, their employer may need to request the employee’s ‘stapled super fund’ details from the ATO.
A stapled super fund is an existing account which is linked (or ‘stapled’) to an individual employee, so it follows them as they change jobs.
Businesses will be able to request stapled super fund details for new employees using ‘Online services for business’, or by asking their registered tax or BAS agent to do this for them.
Disclaimer
This publication is intended as a general commentary only and does not purport to be comprehensive. It should not be regarded as tax advice and you should not act solely on the information contained herein. Please contact AscendPoint to further discuss about your circumstances or concerns.