From 1 November 2021 if you hire a new employee you will need to complete an 𝘢𝘥𝘥𝘪𝘵𝘪𝘰𝘯𝘢𝘭 𝘴𝘵𝘦𝘱 to complete your employer obligations.
Currently when a new employee starts work, they are able to nominate their own super fund to accept Super Guarantee (SG) contributions.
Where an employee 𝘥𝘰𝘦𝘴 𝘯𝘰𝘵 nominate their choice of super fund, you can pay their contributions into your complying nominated (default) super fund, otherwise known as the "employer-nominated fund".
However, from November 2021 there is an additional step that must be completed to ensure that employers are meeting their choice of super fund requirements.
𝙍𝙚𝙦𝙪𝙚𝙨𝙩 𝙎𝙩𝙖𝙥𝙡𝙚𝙙 𝙎𝙪𝙥𝙚𝙧 𝙁𝙪𝙣𝙙 𝘿𝙚𝙩𝙖𝙞𝙡𝙨
Where an employee does not nominate their choice of a super fund, employers may now need to request their 'stapled super fund' details from the Australian Taxation Office (ATO).
A stapled super fund is an existing super account of an employee that follows them as they change jobs.
The good news is that this change means that new employees will avoid paying excess account fees for unintended super accounts set up when they start a new job.
𝗪𝗵𝗮𝘁 𝗬𝗼𝘂 𝗡𝗲𝗲𝗱 𝗧𝗼 𝗗𝗼 𝗙𝗿𝗼𝗺 𝟭 𝗡𝗼𝘃𝗲𝗺𝗯𝗲𝗿 𝟮𝟬𝟮𝟭
1. 𝑶𝒇𝒇𝒆𝒓 𝒚𝒐𝒖𝒓 𝒆𝒍𝒊𝒈𝒊𝒃𝒍𝒆 𝒆𝒎𝒑𝒍𝒐𝒚𝒆𝒆𝒔 𝒂 𝒄𝒉𝒐𝒊𝒄𝒆 𝒐𝒇 𝒔𝒖𝒑𝒆𝒓 𝒇𝒖𝒏𝒅 (there is no change to this step of your super obligations) by providing eligible new employees with a Super standard choice form.
2. 𝑹𝒆𝒒𝒖𝒆𝒔𝒕 𝒔𝒕𝒂𝒑𝒍𝒆𝒅 𝒔𝒖𝒑𝒆𝒓 𝒇𝒖𝒏𝒅 𝒅𝒆𝒕𝒂𝒊𝒍𝒔 for employees who do not nominate a super fund. To do this, you will need to login to Online Services for Business and go to 'Employee Super Accounts' to request their stapled super fund details. If the ATO provides these details, you must pay your employee's super using the stapled super fund details.
3. 𝑷𝒂𝒚 𝒔𝒖𝒑𝒆𝒓 𝒊𝒏𝒕𝒐 𝒂 𝒅𝒆𝒇𝒂𝒖𝒍𝒕 𝒇𝒖𝒏𝒅 if your employee doesn't nominate a super fund, and the ATO have advised you that they don't have a stapled super fund.
For more information, see the ATO's website or this link or contact our team!