Employers can NO LONGER use a default fund for new employees if they do not nominate a fund – the employer MUST make contact with ATO to source details of the employees stapled fund.
From 1 November 2021, employers may need to request their ‘stapled super fund’ details from the ATO.
Most employers from 1 November 2021, may have an extra step to take to comply with choice of fund rules if:
- they have new employees start, and
- the employees do not choose a super fund.
The employer may now have to request their new employees ‘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 stop new super accounts from being opened every time an employee starts a new job.
More information here
Need help? Contact your Thompson Partners accountant who can apply directly to the ATO for you.