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.
Please contact our team on 03 9708 8801 or email email@example.com if you have any queries in relation to superannuation requirements for new employees.
Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. The information contained within this document is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Robinson Voss Partners (RV Partners) strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances.
Robinson Voss Financial Pty Ltd T/A Robinson Voss Partners is a Corporate Authorised Representative (No 001263089) of GPS Wealth Ltd AFSL 254 544 Australian Credit Licence 254 544 ABN 17 005 482 726. www.gpswealth.com.au