Hello and welcome to Episode 88 of the People Powered Business Podcast!
In an industry that hasn’t exactly been characterised by constant change, from 1 November 2021 we have seen yet another change to superannuation rules here in Australia.
The 1st November sees the commencement of an additional step in setting up new employees and their compulsory superannuation guarantee – it’s called Super Stapling.
Whilst it’s a funny term, put simply, a stapled super fund is simply an existing superannuation account that an employee has which is linked, or 'stapled', to that individual employee. Effectively this superannuation fund follows the employee as they change jobs – it’s stapled to them.
From 1 November 2021, if you have a new employee start with you, and they don't choose or nominate a superannuation fund, you have an extra step to take to comply with choice of superannuation fund rules. Rather than just setting that employee up in your default super fund that your business uses, you will need to check, via the ATO,...
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