CHANGES TO EMPLOYEE SUPER CHOICE OBLIGATIONS

From 1 November, if you have a new employee who doesn’t choose a super fund, you will be required to request ‘stapled super fund’ details from the Australian Taxation Office (ATO).

The purpose of this change is to reduce the account fees associated with opening new super accounts each time an employee commences a new job.

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What does this mean for employers?

As an employer, you will need to ensure you take the following steps from 1 November, for any new eligible employees:

1. Offer your eligible employees a choice of super fund form. A superannuation standard choice form must be provided to any new eligible employees within 28 days from their start date.

For more information on the Superannuation standard choice form, please refer to the ATO Website.

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2. Where an employee doesn’t choose a super fund, you will be required to access the ATO Online services and request stapled super fund details on their behalf.

A stapled super fund is an existing super account which is linked, or ‘stapled’ to an individual employee.

Please note the stapled super fund details can only be requested once you have submitted a Tax file number declaration or Single Touch Payroll pay event linking you as the employer to the new employee.

If you require assistance with access to your ATO Online service, please contact our office.

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3. Once you have the relevant super details you must ensure you continue to satisfy your super guarantee obligations for all employees.

As an employer, you must pay super for eligible employees by the due date to avoid the super guarantee charge. Super is due 28 days from the end of each quarter as detailed below:

1 July to 30 September – Due 28 October

1 October to 31 December – Due 28 January

1 January to 31 March – Due 28 April

1 April to 30 June – Due 28 July

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For more information please refer to the ATO website.

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If you have any questions please contact our office via email admin@optimumadvisory.com.au or call 02 9821 2455.

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