Changes to Superannuation Rules – new employees
The current employee super rules require that you pay employee’s contributions to a fund of their choosing.
If they elect not to choose a fund or provide you with insufficient details to make payment, you are required to make payment to your default fund.
Under the new rules if a new employee doesn’t provide super fund details you may need to request their ‘stapled super fund’ details from the ATO.
A stapled super fund is a super account which is liked to that employee and follows them from job to job.
From 1 November, you will still offer a choice of super fund to your new employees and labour only contractors. This requirement hasn’t changed.
If they don’t choose a fund or don’t provide you with details, you will be able to request stapled super fund details using ATO online services for business. Alternatively, we can request the information for you.
You will need their TFN declaration form for details to request stapled super fund information.
The aim is to reduce the fees charged to employees from multiple funds however this will also assist with the administration of employee super for employers.