On 1 November 2021, “stapled” superannuation arrangements came into operation for new employees.
If a new employee nominates a superannuation fund using the Standard Choice Form, there is no change to current arrangements. However, from 1 November 2021, if a new employee does not nominate a superannuation fund, the employer is required to ask the Australian Taxation Office (ATO), through the ATO’s online services, if the employee already has a “stapled” superannuation account.
If the ATO identifies a stapled account, the employer must make contributions into this account. If the ATO reports that the new employee does not have an existing “stapled” account, the employer is required to make contributions into the employer’s nominated default superannuation fund.
Visit the ATO website to find out more.
