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Stapled Superannuation Funds

Stapled Superannuation Funds

It has been common practice for employers to set-up superannuation accounts for employees who do not provide their superannuation account details. This practice has led to many employees having multiple superannuation funds and paying unnecessary fees on these accounts.

 

In an attempt to solve this problem the government has enacted ‘superannuation stapling’. This new measure commenced on the 1st of November 2021 and applies to new employees who do not nominate a superannuation fund for their contributions.

 

In this situation, an employer or Tax Agent must request an employee’s stapled superannuation fund details from the ATO and pay contributions into this fund. Failure to do so may lead to penalties.

 

The ATO provides more detailed information on their website. Visit https://bit.ly/3MDv7Oy 

 

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