The ATO is reminding employers that, when they have new employees that have not provided them with their choice of super fund, super contributions should be made into:
- the employee’s stapled super fund; or
- the employer’s nominated account (but only if the ATO advises that the employee does not have a stapled super fund).
A stapled super fund is an employee’s existing super account which is linked, or ‘stapled’, to them and follows them as they change jobs.
In December 2022, the ATO is releasing a solution that enables employer software and payroll products to request stapled super funds. That is, stapled super enabled software will allow the employer to request stapled super details from within their business software, so they will no longer have to request them separately via ATO online services.
Employers should contact their software provider to find out if their software solution will incorporate the stapled super functionality.
The ATO also encourages employers using the ‘bulk request process’ to begin discussions with their software providers, as the ATO’s current bulk request process will be decommissioned from mid-2023.
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.