New stapled super fund employer obligation

From 1 November 2021, if you have a new employee start, there is now an extra step to comply with if they don’t choose a super fund.

Previously when your employee did not choose a superfund, you were required to pay their super to the default superfund. From 1 November, this is changing.

If your employee does not choose a superfund, you will be required to check with the ATO if the employee has an existing superannuation fund, known as a “stapled super fund“. This means the new employee will be able to contribute to an existing super account (if they have one) which is linked, or “stapled“, to an individual employee so that it follows them as they change jobs. These changes have been implemented to stop new employees having extra fees on additional unintended superannuation accounts each time they start new employment.

Once you have submitted a Tax File Number Declaration or Single Touch Payroll event, your employee will be linked to your business. You can then request their “stapled” superfund details by logging onto the ATO online portal and providing the necessary information.

Click here for more information about being prepared for this change and what you need to do from 1 November 2021, and contact your O’Brien Advisor if you have any questions.