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New superannuation stapling rules take effect from 1/11/21
From 1 November 2021 the new superannuation stapling rules came into effect. These rules have been designed to reduce the chance of employees accumulating multiple superannuation accounts when they move between jobs and hence paying multiple sets of fees and insurance premiums.
What are the new super stapling rules?
From 1 November 2021, every employee’s active superannuation accounts will be “stapled” to them. This means that, in the event that they move jobs, the employee’s superannuation accounts that were active on 1 November 2021 will become their default fund at their new job as opposed to the employer nominated fund.
If the employee starts a new job and does not choose their own superannuation fund, the employer must now check with the ATO to see whether that employee has any superannuation funds “stapled” to them. In the event that they do, then employers must use that existing fund rather than their own default fund. If there is more than one fund “stapled” to an employee, then the ATO will use its own set of rules to determine which is the fund that the employer will need to make contributions into.
If an employee hasn’t made a choice of superannuation fund and has no fund “stapled” to them, then employers may enrol them in their own nominated fund.
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