Super stapling commenced on 1 November. If you are in business, you will need to adjust your process for on boarding new employees because you will play a key role in the Your Future, Your Super reforms.
What is super stapling?
A stapled super fund is an existing super account which is linked – or ‘stapled’ – to an individual employee and follows them as they change jobs. The introduction of super stapling by the ATO means working Australians will be attached to one super fund for life unless they choose otherwise.
When will it start?
Super stapling commenced on 1 November 2021.
This means that if a new employee starts either on or after that date and does not nominate a fund by completing a Superannuation Standard Choice form, employers will then have to search for the employee’s ‘stapled’ fund using ATO services.
More information can be found on the ATO website – Stapled super funds for employers
How can Walsh Accountants help?
Specialising in business, our team of accountants can assist you if you are in business and are concerned about how these changes will affect you.
Please do not hesitate to contact us should you require our assistance.