Hiring new employees? Superannuation rule changes from the 1st of November 2021
Hiring new employees?
Superannuation rule changes from the 1st of November 2021.
Here’s what you need to know.
This new reform talks about “Stapling rules”.
These stapling rules mean new employees will keep the same super account (if they have one), when they change jobs unless they choose another preferred super fund. This prevents the creation of unintended multiple superannuation accounts when employees change jobs, which lead to multiple insurance and administration fees. The new reform makes reference to a “stapled fund” which is merely an existing super account but is linked, or “stapled” to an individual employee so that it follows them as they change jobs.
We’ve summarized it for you.
Note that penalties may apply if the choice requirements are not met.
If you need assistance in complying with this new superannuation rule, please contact Katie Walters, our Senior Client Manager on 07 3483 0100.