From 1 November 2021, if a new employee doesn't make a superannuation provider choice, you will need to pay their super into their existing super account (if they have one) by requesting their 'stapled super fund' details from the ATO.
A stapled super fund is an existing super account which is linked, or 'stapled', to an individual employee so that it follows them as they change jobs.
This new rule is part of the Government’s Your Future, Your Super reforms and is expected to reduce the number of duplicate accounts in the system.
Click here to find out more from the ATO.
Disclaimer: This summary is a guide only and is not legal advice. For further information, call NECA Legal (WA) Pty Ltd on ()8) 6241 6129 or email email@example.com.