From 1 November 2021, if you have new employees start and they don’t choose a super fund, you may have an extra step to take to comply with choice of fund rules. You may need to request their ‘stapled super fund’ details from the Australian Taxation Office(ATO) via the online portal. From 1 November 2021, there will be a new feature in the ATO portal to allow you to request these stapled fund details.
The main aim of this change is to reduce account fees for employees, that can be incurred when opening new accounts for each job. As the name suggests, a stapled super fund simply means an existing super account linked to an employee, also know as “stapled”.
Please refer to the attached ATO link for more information, and as always, if you have any questions, please do not hesitate to contact us.
Request-stapled-super-fund-details-for-employees
“Liability limited by a scheme approved under Professional Standards Legislation.” This advice may not be suitable to you because it contains general advice that has not been tailored to your personal circumstances. Please seek personal financial advice prior to acting on this information.
