As most employers would know, when hiring a new employee, they will nominate a super fund of their choosing.
However, we understand you may face some issues because of the following:
A) The employee isn’t sure who their current super fund is or
B) If this is their first job, they haven’t nominated one yet.
Most new employees are eligible to choose to nominate a super fund you pay their super guarantee contributions into. Currently, when a new employee does not choose their own super fund, you must pay super contributions into your business’s default fund.
From November 1st, the Australian Government has implemented a new step to comply with the ‘choice’ of super funds. You can now request the details of the employee’s prior super fund that they are already linked to.
This new step plans to prevent people from having multiple super funds under their name, therefore aiming to reduce account fees that come with having multiple accounts.
You will be able to request stapled super fund details for new employees using Online services for business from November 1st 2021. Get in touch with our team if you have any questions or if you would like to check out our business packages. Our business packages aren’t just about having someone handle your annual tax obligations. They also help you forecast your cash flow, analyse the performance of your business and maximise your growth potential.
