Super Choice Rules Will Change From 1 November

For all new employees who start from 1 November 2021 and they don’t choose a super fund, we may need to request their ‘stapled super fund’ details from the ATO. A stapled super fund is an existing super account of an employee that follows them as they change jobs. This change aims to stop new employees paying extra account fees for unintended super accounts set up when they start a new job. The latest data from the ATO indicates there are approximately six million multiple accounts held by 4.4 million people. Over one-third of multiple accounts are held by people aged 35 or younger. These multiple accounts collectively charge $450 million in fees per year.

Steps from 1 November 2021:

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

You need to give your eligible new employees a super standard choice form. There is no change to this step of your super obligations. This form is included in your employee details templates.

Step 2: Request stapled super fund details

If your employee doesn’t choose a super fund, we will need to log into our ATO portal to request their stapled super fund details.

Step 3: Pay super into a default fund

We 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 that they don’t have a stapled super fund