It is declared that super choice rules will be changed by the Australian Taxation Office. You are requested to remember that if you have any new employees who have not chosen a super fund.

From 1st November 2021, on the off chance that you have new workers start, you might have a further step to follow if they do not choose a super fund. You will now need to demand their ‘stapled super fund’ information from them. A stapled super fund could be a recent super account that’s connected or stapled to each employee so it follows them as they modify occupations. If you do not meet your choice of super fund obligations, extra penalties might apply. Check and update the access levels of your authorised representatives in ATO online services, to make sure you are able to request stapled super fund detail information.

What do you need to do from 1 November 2021

You need to request stapled super fund details when:

  • A new employee starts on or after 1st November 2021
  • You need to make super guarantee payments for that employee
  • The employee is eligible to choose a super fund but does not.

It’s not necessary to supply a choice of a super fund to some workers, but you’ll have to request their stapled super fund details. This includes employees that are either:

  • Transient residents
  • Covered by an enterprise agreement or workplace determination made before 1st January 2021

Step 1: Offer your eligible employees a choice of super fund.

You have to offer your qualified employees a choice of super fund and pay their super into the account that they want. Most employees are eligible to decide on what fund their super goes into. They will choose a super account they have already got or choose your default fund. There’s no change to the current step of your super obligations. If you would like to pay super and that they don’t make a choice, you’ll request a stapled super fund. When your employee chooses an excellent fund, you’ll be able to pay super contributions to the chosen fund. You cannot give suggestions or counsel about super to your employees, except if you’re authorised by the Australian Securities and Investments Commission (ASIC) to grant financial advice.

Step 2: Request stapled super fund details

When you understand that your employee doesn’t choose a super fund, you’ll have to log in to our Online Services then move to ‘Employee Super Accounts’ to request their stapled super fund details. SMG’s accountant or tax professional will definitely do that for you. You can request your employee’s stapled super fund after you’ve submitted a Tax file number declaration. There is no limit on requests so you can make many.

After confirmation that you are their employer, the ATO will provide your employee’s stapled super fund details.

If the ATO provides a stapled super fund result for your employee, you can  pay your employee’s super using the stapled super fund details they supply you with.

Step 3: Pay super into the stapled super fund

If the  Australian Taxation Office (ATO) gives a stapled super fund outcome for your employee, you’ve got to pay your employee’s super guarantee contributions to the stapled super fund details provided to you. You can pay into your default fund or any other fund that needs the selection of fund rules if:

  • The employee doesn’t choose a super fund
  • ATO advised that employees do not have a stapled super fund.

Meeting your obligations

At SMG we commit to assist employers to know become accustomed to the new requirements identified with stapled super funds. We create these changes as simply as possible. As this transformation is presented, our experienced team can assist employers with the correct step towards developing compliance and understanding of the latest rules and regulations.