{"id":22545,"date":"2021-10-12T17:26:29","date_gmt":"2021-10-12T06:26:29","guid":{"rendered":"https:\/\/roubler.com\/au\/?p=22545"},"modified":"2021-11-16T10:21:54","modified_gmt":"2021-11-15T23:21:54","slug":"super-stapling","status":"publish","type":"post","link":"https:\/\/roubler.com\/au\/resources\/blog\/super-stapling\/","title":{"rendered":"Everything you need to know about super stapling and how to prepare"},"content":{"rendered":"\n

From 1 November 2021, employers will need to alter their onboarding and payroll processes to comply with the new super stapling requirements.<\/p>\n\n\n\n

The current superannuation system has left many employees with more than one superannuation account, increasing account fees and impacting retirement balances. Treasury has estimated that reducing the number of duplicate superannuation accounts will save Australians about $2.8 billion over the next 10 years<\/a>.<\/p>\n\n\n\n

What is super stapling?<\/h2>\n\n\n\n

As part of the Your Future, Your Super<\/em> reforms, any existing super funds will be linked, or \u201cstapled\u201d, to an individual\u2019s myGov record, ensuring their superannuation remains with them as they change jobs.<\/p>\n\n\n\n

As of 1 November, employers are required to make super guarantee (SG) contributions to an employee\u2019s existing stapled super fund, unless the employee has specifically asked that their super be paid into a different account of their choice.<\/p>\n\n\n\n

What do employers need to do?<\/h2>\n\n\n\n

If a new employee does not nominate a super fund during the onboarding process, employers must check, using the ATO online services, to see if the employee has an existing stapled super fund. If the employee has a stapled fund, employers must use this fund for SG contribution payments.<\/p>\n\n\n\n

When an employee chooses to have their super paid into a different fund, the employer must pay SG contributions to that nominated account. If the employee does not choose nor have an existing stapled fund, contributions should then be paid to the employer\u2019s default MySuper fund.<\/p>\n\n\n\n

How do employers request an employee\u2019s staple fund from the ATO?<\/h2>\n\n\n\n

Employers can request an employee\u2019s staple fund they have submitted an employee\u2019s tax file number declaration form or Single Touch Payroll pay event linking a new employee to the business.<\/p>\n\n\n\n

Any authorised representative may use ATO online services to request an employee\u2019s staple fund information.<\/p>\n\n\n\n

To do so, the authorised representative will need to:<\/p>\n\n\n\n