This change aims to stop individuals from paying extra account fees for unintended super accounts set up when they start a new job.
As a business owner or manager, you may need to request stapled super fund details when:
- your new employee starts on or after 1 November 2021,
- you need to make super guarantee payments for that employee, and
- your employee is eligible to choose a super fund, but doesn’t.
Here's what you need to do ...
Step 1: Offer your eligible employees a choice of super fund
Give eligible new employees a Super Standard Choice form and pay their super into the account they tell you on the form. Most employees are eligible to choose what fund their super goes into.There is no change to this step of your super obligations.
Step 2: Request stapled super fund details
If your employee doesn’t choose a super fund, you may need to log into the ATO's Online services and go to ‘Employee Super Accounts’ to request their stapled super fund details. Lead Advisory can assist with this if needed.
The ATO will provide the employee’s stapled super fund details, if available.
Step 3: Pay super into a default fund
If your employee hasn't chosen a super fund and it has been established that the individual hasn't got a stapled super fund listed with the ATO, only then can you pay their super into a default fund.