Do you know about the new 'choice of super' rules for new employees? From 1st November 2021, if you have any new employees start work with you and they don’t nominate a specific superannuation fund, you may need to request their ‘stapled super fund’ details from the ATO.
As your accountant, we can help you with this.
Choosing a super fund
Most employees are eligible to choose a super fund when starting a new job. However, sometimes an employee might not make a choice. For example, they might omit to complete the form, or they might not know the details of their existing fund or whether they actually have one. This situation could leave the employer at risk of not meeting their superannuation guarantee obligations and incurring penalties.
Employers can request an employee’s ‘stapled fund’ (a fund linked to an individual) details from the ATO, starting from 1st November 2021.
What employers need to do from 1st November – 3 steps
Talk to us about super choice and stapled funds
Essentially, you must take all steps you can to allow employees choice of super fund. But in cases where all avenues are exhausted you can use your default fund.
Please feel free to get in touch with your WDF contact or phone 02 6921 5444 to talk with us about how we can lodge ATO requests for stapled funds on your behalf, including bulk requests where there are 100 or more new employees.
Client Services Manager
WDF Accounting and Advisory | Accountants Wagga | Your partners in business
Providing carefully tailored accounting solutions in business advisory, tax compliance, bookkeeping, Self-Managed Super funds, and more