27th September 2021 | SMSF
As of the 1st of November 2021, new employees who do not have a chosen superfund can have their funds transferred to the ATO superfund.
If you’re a business owner hiring new staff, you’ll need to be aware of the new rules that will apply to your new employees. For any employees starting on or after the 1st of November 2021 will need to provide a Superfund. If they don’t have a chosen super fund you will need to request a ‘stapled superfund ‘from the ATO.
A stapled super fund is an existing super account of an employee that follows them as they change jobs. This eliminates any extras account fees for employees when changing jobs.
This includes if your employees are temporary residents, or they’re covered by an Enterprise Agreement or Workplace Determination made before 1 January 2021.
To comply with the new super rules, you will need to do the following.
Step 1
Offer the employee a Super standard choice form and pay their super into the nominated fund.
Step 2
If they do not choose a fund you can log into the Online Services and go to ‘Employee Super Accounts’ and request their ‘stapled super fund’ details. Your agent or Tax professional can do this for you. The details will be provided to you after confirming you are the new employer.
Step 3
You can choose to pay the Super for your employee into a default fund or choice fund if the employee does not have a Chosen Superfund or Stapled Superfund.
For more details about the new super rules or how to request the Stapled Superfund please go to the ATO website
To talk to our Tax agent please call 03 9995 7261 or email info@Ax3.com.au
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