INDUSTRIAL UPDATE – New Super Obligations for Employers | 4 October 2021

New Super Obligations for Employers

A number of super reforms were proposed under the “Your Future Your Super” package, as part of the 2020/2021 Federal Budget announced in October last year. This legislation was passed in June 2021.

One of the key measures, “Account Stapling”, was passed with a slightly delayed start date of 1st November 2021. In practical terms, for people joining the workforce for the first time after this date, their super account will follow them from employer to employer, (i.e. it staples to them) unless they elect to change to an alternative account.

New Employer Obligations with Account Stapling

Employers have new obligations to identify the stapled fund for new employees by contacting the Australian Taxation Office (ATO).

The process for undertaking this check for an existing fund for a new employee is still being finalised, but will be published shortly. The longer-term aim is for both payroll and accounting systems to integrate the checking, thus automating the process.

To help employers understand their obligations here, Nationwide Super has created a website page describing the stapling measures and new employer obligations.

Understanding Account Stapling – click here

 

Finally, if the new employee does not have an existing account, or doesn’t select a fund of their own choice, the employers default fund arrangements will apply.

More assistance on its way

Nationwide Super is developing an account selection form to simplify this process as much as possible for employers. You can use this form, or adapt this and add your own desired content.

If you need any more information about the changes, or require help to better understand your super obligations, simply contact

Nationwide Super Business Development Manager Jason Woodward on 0400 764 189 or email Jason.woodward@nationwidesuper.com.au.

For General enquires Nationwide Super 1800 025 241 or email enquiries@nationwidesuper.com.au

ABOUT NATIONWIDE SUPER

Nationwide Super is the exclusive national superannuation business partner of the ATA.

With over 30 years’ of experience, Nationwide Super manages in excess of $50M of funds for a multitude of racing industry employees resident around Australia.

The team at Nationwide Super are in a strong position to help you too. Their focus is on providing employers with a professional, efficient super solution that makes the complex area of employer super as simple as possible.

Nationwide Super – a sure bet for the racing industry!

The ATA’s Industrial Relations Team is contactable on (03) 9372 1688 or email ata@austrainers.com.au should Members require further assistance.

Disclaimer Notice:
The information provided above is of a general nature based upon a range of similar enquires received from Members of the Australian Trainers’ Association (ATA) or related matters involving the Horse and Greyhound Training Award 2020 (HGTA). The information is of a general nature only and therefore may not take into consideration pertinent facts or details that may influence any course of action, and does not constitute the giving of advice including without limitation, legal or qualified advice. ATA Members’ may contact the ATA Head Office for further assistance if required. The Disclaimer Notice is to be read in addition to Terms of Use for the ATA Website.