YOUR MONEY MATTERS OCTOBER 2021

Extra super step when hiring new employees

Employers may soon need to do something extra when a new employee starts to work for them.
Currently, if a new employee does not choose their own fund, their employer can pay contributions for them to a default fund.


From 1 November 2021, if a new employee does not choose a specific fund, their employer may need to request the employee’s ‘stapled super fund’ details from the ATO.


A stapled super fund is an existing account which is linked (or ‘stapled’) to an individual employee, so it follows them as they change jobs. 

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