On 1 November 2021, the ATO will be changing their rules regarding superannuation and onboarding new employees. Employers are no longer allowed to pay to default fund without first checking if the new employee has a ‘stapled super fund’. If the employee has a ‘stapled super fund’, employers must pay the employee’s super guarantee contributions to the stapled super fund details provided.

Employers should still provide the Super Standard Choice form when onboarding a new employee. If the new employee elects a superfund on the form, you can continue to process the superannuation as you have previously been doing as there will be no need to check for a ‘stapled super fund’. However, when an employee selects ‘The super fund nominated by my employer’ – the employer must first check if the employee has a ‘stapled super fund’ before opting to the employer’s default fund. The requirement to check for a stapled super fund also applies if a new employee doesn’t complete the Super Standard Choice form at all.

What is a ‘stapled super fund’?

A stapled super fund is an existing super account which is linked, or ‘stapled’, to an individual employee so that it follows them as they change jobs. The introduction of super stapling is designed to reduce the number of super accounts people may collect throughout their working life.

How can I find and use the stapled super information?

Once an employer has submitted either a Tax file number declaration or Single Touch Payroll pay event linking the new employee, you will be able to request the employee’s stapled super fund details from the ATO using either the ATO online services or a tax agent (HQB). Once the request is submitted, you will receive an on-screen response within minutes. This service will not be available until 1 November 2021.

If you require any assistance with this process, please don’t hesitate to contact our office.

– James Davis

Posted 18.10.2021

This article is compiled as a helpful guide for your private information and is subject to copyright. We suggest that you do not act solely on the basis of material contained in this article because items are of general nature only and may be liable to misinterpretation in particular circumstances. We recommend that our advice be sought before acting on any of these crucial areas.

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I met James Davis from HQB about 6 - 7 years ago when we were looking for an accountant that would suit our needs better and provide the advice that would steer us into the future.At the time I sat in front of James and fired so many questions, scenarios, future plans etc and James did not bat an eyelid. There was no let me get back to you on that one, or good questions I will check the current legislation, it was a variety of questions that led to us setting up a structure that has allowed us to grow with absolute confidence we are structured appropriately.This relationship has grown from strength to strength and i would have no hesitate to refer anyone to HQB as I am confident they will have the exact same experience and get the advice they need when they need it.Thanks for the amazing service guys and quality advice.
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01:05 15 Nov 21
Have been working with James from HQB for the last couple of years - and only have good things to say. Very responsive, offers support where needed and hangs back in other areas that we can manage ourselves. Best accountant we have worked with - makes it a breeze, which is what you want when working on the paperwork.
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06:19 22 May 20
Amazing service from James (& Brianna), going well above his responsibilities to his clients. Cannot recommend James highly enough. HQB a highly professional and responsive accounting firm. Incredibly quick at responding, yes, often after hours, which is more than we would ever expect from any professional. I am continually recommending James to friends and family. Many thanks James. Kind regards, Lyn (& Jeff) Green
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James became our Accountant last year and he has handled all our entities swiftly and pro actively. We are incredibly impressed with him and HQB and feel very comfortable in their hands to manage our Business. James is always prompt in replying and sometimes out of hours and his handling of our recent predicament with COVID 19 has helped us manage our Business successfully through this trying time. Thank you James and the team at HQB. We will always recommend you highly,.
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