When you employ new staff and offer them a choice of super fund, it’s possible that they won’t choose one. If this happens, you will need to request the employee’s stapled super fund from the ATO in order to meet your choice of fund obligations.
A stapled super fund is an employee’s existing super account which is linked, or ‘stapled’, to them and follows them as they change jobs.
When you have new employees that have not provided you with their choice of super fund, you should make contributions into:
- the employee’s stapled super fund, or
- your employer nominated (also known as a ‘default’) fund – only if the ATO advise you that they do not have a stapled super fund.
You can request stapled super fund details in ATO online services for business, online services for individuals (if you’re a sole trader) or your agent can request these details using ATO online services for agents.
If you need any assistance, speak to the team at Paris Financial. Feel free to contact our office to discuss further on: (03) 8393 1000.