Beginning on 1 November 2021, there are new steps in super rules that you may need to abide by for new employees.
Under the super guarantee law, you need to make sure new employees are able to make a choice on where their super goes. These rules are known as the choice of fund rules and they generally come into play when a new employee is hired. Either:
• the new staff member will advise you directly to pay super into a specific account, or
• you ask the staff member to complete the ATO’s “Superannuation standard choice form”.
Going forward, when neither of these 2 things happens, you will need to ask the ATO whether the new employee has a ”stapled” super fund.
If the ATO gives you a super fund to pay contributions for your new employee, you will be required to [make the payments there/inform the clearing house when making a super payment].
If the new employee does not have a ”stapled” super fund, you are then able to make a payment to your default fund.
If you require any further information or assistance with the change in super rules, please let us know. We would be pleased to assist you through the new rules.
Source: https://www.legislation.gov.au/Details/C2021A00046
Please feel free to contact your RCB Advisors’ team member for any further assistance
