From 1 November 2021, employers may need to request the ‘stapled super fund’ from the Australian Taxation Office (ATO) where an eligible employee doesn’t provide them with a super fund.
In requesting these details the ATO is looking to have ‘stapled super funds’ follow employees as they change jobs and as a result, ensure employees don’t have multiple super accounts set up for which they would be paying excess fees.
1. Offer Eligible employees a choice of super fund. This requirement is already in place and no change is required here. If an employee provides you with details, skip to Step 3. Otherwise, Step 2 is required which covers this new obligation.
2. Request stapled super fund details. Where an employee doesn’t provide you with a super fund, you are able to request the stapled super fund details via access to your business’ ATO online portal. Go to “Employee Super Accounts” to request these details.
3. Pay super into the default fund. Where an employee advises of their super choice or the ATO has advised of a stapled super fund, you must pay into that account. Where no stapled super fund is available for an employee, you can pay into a default fund that meets the choice of fund obligation.
iCompass is available to assist businesses in requesting an employees’ stapled super fund details where required. If you do require assistance, please call us to discuss your options on 1300 554 948.
It is important that this is included in your process of employment for new employees from 1 November 2021 to meet quarterly superannuation requirements and avoid penalties.
If you need further support, please contact our office on 1300 554 948 to discuss appointment options and costs to ensure you are operational before 1 November 2021.
To discuss your specific requirements please contact iCompass on 1300 554 948, get in touch using the form below – we’ll be delighted to help!
