Changes to Superannuation Stapling Laws Effective 1 November 2021
22 OCT 2021
Superannuation Stapling - New laws will change onboarding for new employees
1 November 2021 sees changes to superannuation stapling laws. This changes the way all Australian businesses 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 need to pay super into. This is a change from automatically defaulting new employees to your chosen workplace super fund.
This requirement also applies to Members that have an enterprise/collective agreement, even if the agreement specifies a default 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.
For further information from our Corporate Partner, First Super, please click the button below.