Extra super step when hiring new employees

There’s a change coming soon that means to comply with ‘choice of fund’ rules you might need to do something extra when a new employee starts to work for you.

Currently, if a new employee doesn’t choose their own super fund, you can pay super contributions for them to your default fund.

From 1 November, if you have new employees start and they don’t choose a specific super fund, you may need to request their ‘stapled super fund’ details from us.

A stapled super fund is an existing account that is linked, or ‘stapled’ to an individual employee, so it follows them as they change jobs. This change aims to reduce the number of additional super accounts opened each time they start a new job.

You’ll be able to request stapled super fund details for new employees using Online services for business.

To get ready for this change, you can check and update the access levels of your business’ authorised representatives in Online services. This will mean you’re ready to request stapled super funds if needed. It will also protect your employees’ personal information.

Remember, registered tax agents and BAS agents can help with your tax and super.

 

 

Resource: ATO

Have Questions?

Ask us now, or book a time to speak

Thank you for your message. It has been sent.
There was an error trying to send your message. Please try again later.

Book Free Consultation

Book your free 15 or 30-minute phone consultation at a time that suits you.

About Allied Accountants

Allied Business Accountants connects you with a network of top accounting, legal and financial services professionals to streamline and maximise every aspect of your business performance.

5.0
(Based on Google Reviews )

About the Author: Karan Chauhan

Share This Story, Choose Your Platform!

Leave A Comment

We’re Waiting To Help You

Get in touch with us today and let’s start transforming your business from the ground up.