Employers may soon need to do something extra
when a new employee starts to work for them.
Currently, if a new employee does not choose their
own fund, their employer can pay contributions for
them to a default fund.
From 1 November 2021, if a new employee does
not choose a specific fund, their employer may
need to request the employee’s ‘stapled super
fund’ details from the ATO.
A stapled super fund is an existing account which
is linked (or 'stapled') to an individual employee,
so it follows them as they change jobs.
Businesses will be able to request stapled super
fund details for new employees using 'Online
services for business', or by asking their registered
tax or BAS agent to do this for them.