360Private

Important Superannuation Changes for Employers

From 1 November 2021, if you have new employees starting in your business, you may have an extra step to take to comply with choice of fund rules if the employee does not choose a super fund. You will now need to request the employee’s ‘stapled super fund’ details from the Australian Tax Office (ATO). A stapled super fund is an existing super account which is linked, or 'stapled', to an individual employee so that it follows them as they change jobs. These new changes aim to reduce account fees by stopping new super accounts being opened every time an employee starts a new job.

The requirements are as follows:

Step 1: Offer your eligible employees a choice of super fund

You need to give your eligible new employees a Super Standard Choice Form (available from the ATO website) and pay their super into the account they nominate on the form. There is no change to this step of your super obligations.

Step 2: Request stapled super fund details

If your employee doesn’t choose a super fund, you may need assistance from your registered tax agent to request their stapled super fund details. The ATO will provide your employee’s stapled super fund details after they have confirmed that you are their employer. You must pay your employee’s super using the stapled super fund details the ATO provides if the employee has not nominated another fund.

Step 3: Pay super into a default fund

You can pay into a default fund, or another fund that meets the choice of fund obligations if:

· Your employee doesn’t choose a super fund; and

· The ATO have advised you that they don’t have a stapled super fund.

For further information please view full details at the ATO website or contact us directly for assistance.

Request stapled super fund details for employees | Australian Taxation Office (ato.gov.au)

 

Recent posts

  • New Super Opportunities From 1 July 2022

    Written by 360Private

    Published: 15 March 2022

      As 30 June fast approaches, our focus shifts towards ensuring strategies relating to managing taxation outcomes and superannuation are implemented before the end of financial year arrives.  However, it is also important to look ahead, with some superannuation contribution rules changing from 1 July 2022. These changes could create new opportunities which may benefit you.   The key changes from 1 July 2022 include: increasing the amount of personal contributions that can be made to superannuation for people aged 67-74* removing the requirement to satisfy a work test before making personal after-tax contributions and salary sacrifice contributions for those 67 to 74* reducing the eligibility age for making a downsizer contribution from 65 to 60 increasing the amount that can be released under the First Home Super Saver Scheme to use to purchase a first home, and removing the minimum monthly income threshold before an employer is required to pay Superannuation Guarantee on behalf of employees. * Contributions must be received no later than 28 days after the month in which the person turns age 75.
  • New COVID Support Package - Additional Round - Jan 2022

    Written by 360Private

    Published: 08 February 2022

     The South Australian Government has introduced various support packages for SA businesses impacted by the health restrictions put in place from 27th December 2021. A further package has been introduced in January 2022. Business Hardship Grant Eligible employing and non-employing businesses will be provided with once-off grants ranging from $2,000 - $8,000, depending on business arrangements. To meet the criteria the business must have:- A valid and active ABN and be operating in South Australia; Be registered for GST; Employ people in South Australia (not required if applying as non-employing business); Have an Australian grouped payroll of less that $10 million in the 2019-20 or 2020-21 financial year (not required if applying as non-employing business); and  Have a reduction of turnover of at least 50% during the defined restriction dates due to the impact of Covid-19 restrictions, being 10 January 2022 to 30 January 2022 (inclusive), compared to the relevant comparison period.
  • New Support Package for businesses impacted by COVID-19 restrictions

    Written by 360Private

    Published: 14 January 2022

     The South Australian Government has introduced various support packages for SA businesses impacted by the health restrictions put in place from 27th December 2021. New grants are available to eligible businesses across the state’s tourism, hospitality, gym/fitness and major event industries, as well as a general Business Hardship Grant. Business Hardship Grant Eligible businesses will be provided with a once-off $6,000 grant. An additional $2,000 will be available for eligible businesses that operate from a commercial premise located in the Adelaide CBD. To meet the criteria the business must have:-
  • Director Identification Number (Director ID)

    Written by 360Private

    Published: 05 November 2021

     Director Identification Number Following the recent introduction of Director Identification Number (Director ID) measures, you will be required to register for a Directors ID if you’re a Director of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Island corporation. The new Australian Business Registry Services (ABRS) is responsible for administering the initiative. This Director ID is a unique identifier that will be given to each individual director, or any new directors, to verify their identity. The Director ID is a 15-digit number will assist in preventing the use of false or fraudulent identities, as well as making it easier to trace Director relationships across multiple companies.
  • New Financial Support Package for SA Businesses

    Written by 360Private

    Published: 16 September 2021

    On Monday 9 August 2021, the Australian Government and Government of South Australia announced a new $3,000 cash grant program for businesses and $1,000 for sole traders in eligible industry sectors - such as hospitality, creative venues and artists, tourism, gyms and transport. South Australian businesses that continue to be significantly impacted by ongoing COVID-19 density and trading restrictions may be eligible for additional financial support. Businesses based in the Adelaide CBD may be eligible for an additional $1,000, acknowledging the significant decrease in city foot traffic.

Financial health check

Whether it be a query about superannuation, investments, insurance, mortgage or any other financial based questions, get 360Private to check on your financial health.

Client testimonials

We've relied on them for over 30 years

We have relied on the Team at 360Private for accounting and financial advice for over 30 years. Their sound strategy enabled our investments to perform well even through the Global Financial Crisis and we have benefitted from their knowledge of taxation law and superannuation. On a day to day level, we are always able to get prompt replies to any accounting matters relating to our business and everything is explained in language we can understand, rather than in "accountant speak". Our children now have their own businesses too and they also rely on 360Private.

- Sandra Haese, Director, Haese Mathematics

Read more ...

 

.

We use cookies

We use cookies on our website. Some of them are essential for the operation of the site, while others help us to improve this site and the user experience (tracking cookies). You can decide for yourself whether you want to allow cookies or not. Please note that if you reject them, you may not be able to use all the functionalities of the site.