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.firstname.lastname@example.org.
For General enquires Nationwide Super 1800 025 241 or email email@example.com
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 firstname.lastname@example.org should Members require further assistance.