The Federal Government’s Your Future, Your Super legislation has now been passed by the Federal Parliament, and the Bill’s regulations are in the process of being finalised.
One important change to be introduced by the legislation is the stapling of superannuation accounts to employees, so they don’t have multiple accounts created.
From 1 November 2021, this means where employees do not choose a super fund, most employers will have to check with the ATO if their employee has an existing super account, known as a 'stapled super fund', to pay their super guarantee into.
It’s important to know that the start date for the stapling provision has been amended from 1 July 2021 to 1 November 2021. This allows additional time to help with the implementation of this change.
It will provide time for the ATO to ensure it has all the information it needs to administer the change, and to provide direction to employers so you all know your obligations and how to carry them out.
The regulations will also confirm how ‘tie breaker’ rules will be applied, where a worker has multiple accounts and a decision needs to be made on which fund will be stapled to the employee.
If members need assistance with queries about the changes, please contact the WR team on email@example.com, or on