Super is now following new employees
The ATO is reminding employers that, as of 1 November 2021, there is an extra step they may need to take to comply with the choice of super fund rules.
If a new employee does not choose a super fund, most employers will need to request the employee’s ‘stapled super fund’ details from the ATO to avoid penalties.
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.
When a new employee starts, employers need to:
- offer eligible employees a choice of super fund;
- if the new employee does not choose a super fund, the employer will need to request stapled super fund details using Online services for business; and
- pay super contributions into one of the following:
a). the super fund they choose;
b). the stapled super fund the ATO provides if they have not chosen a fund; or
c). the employer’s default fund (or another fund that meets the choice of fund rules) if the
employer cannot pay into the two above.
- Accounting (20)
- ASIC (1)
- ATO update (242)
- Business (103)
- Corporate (18)
- Division 7A (6)
- COVID-19 (40)
- Disaster Relief (6)
- Federal Election (1)
- Finance (14)
- Cryptocurrency (5)
- Foreign/off-shore issues (15)
- GAP Office Update (1)
- Industry (24)
- JobKeeper (23)
- LCT (1)
- Single Touch Payroll (11)
- Superannuation (75)
- Superannuation Guarantee (2)
- Taxation (190)
- Uncategorised (7)