On 1 November 2021, superannuation stapling laws will change the way all businesses, large and small, are required to pay super to new employees.
If your new employee doesn’t use a Choice of Fund form, you’ll need to check if they’re already a member of a super fund by logging into the ATO’s online services. If they are, that’s the account you’ll have to pay super into. This is a change from automatically defaulting new employees to your workplace super fund.
These new laws are called ‘stapling’ and it’s all part of the Government’s Your Future, Your Super reforms to stop people ending up with multiple super accounts whenever they change jobs.
We’ve explained what we know so far on our Superannuation Stapling webpage. Check back regularly for updates or sign up for the EmployersFIRST newsletter sent straight to your inbox.
To do this click on the link to the First Super stapling webpage and follow the prompts – superannuation-stapling.