Employers may need to take an extra step in the ‘stapled’ super fund process from 1 November to comply with choice of fund rules. This extra step relates to new employees who do not supply super fund account details.
A stapled super fund is an existing super account that is linked or ‘stapled’ to an individual so that it ‘follows’ them as they change jobs. The purpose is to avoid opening new and additional super funds and therefore creating extra account fees each time an employee begins a new job.
If your new employee does not choose their own fund, you may need to request their ‘stapled’ super fund details from the ATO.
Businesses will be able to request stapled super fund details for new employees using ‘Online services for business’ or by asking Rosenfeld Kant as their registered tax or BAS agent to do this on their behalf.
Employers who do not meet ‘stapled’ super fund obligations may risk penalties for super guarantee rules non-compliance
For more information and assistance please contact Rosenfeld Kant on 02 9375 1200.