KEEPING UP TO DATE
14 October 2021
Superannuation Changes | Effective 1 November 2021
Our charter is to assist you with important updates around HR Services. The ATO has introduced a change to superannuation which will benefit employees and will better provide for their retirement.
The new steps for an employer bringing on a new employee are:
- Provide the new employee with a Choice of Superannuation Fund form.
- If the employee does not return the form;
- Employers need to log into the ATO’s Online Services, select Employee Super Accounts and request the employee’s “Stapled Super Fund”
- This is a superannuation fund that the ATO recognises as connected to the employee thorough a previous employer
- If the ATO provides a “Stapled Super Fund” the employer must use these details to pay the super contributions
3. If the ATO doesn’t provide the default fund, the employer must pay the super contributions into company’s default fund.
This additional step in the process means that employers should review their payroll processes and ensure they provide enough time to complete the ATO Stapled Fund Request prior to running the superannuation process.
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