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New ATO Stapled Superannuation Rules
From 1 November 2021, whenever an employer/business hires a new employee (or engages with a contractor who is subject to employer superannuation based on the nature of the work performed). there is an extra step required in determining the relevant super fund for the employee/contractor should they not provide the employer/business with a completed Superannuation Choice Form stating the super fund they wish for their contributions to go into. No longer can the employer/business automatically select their default fund - they now need to find out from the Australian Taxation Office to see what "stapled" super fund is attributable to that employee/contractor.
Louie looks into the concept of stapled super funds, and shares insights from the ATO's "Your Future, Your Super" Project Director Katie Constance to assist employers/businesses with meeting this new super obligation.
Contact us:
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
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By Southern Cross Business AdvisersFrom 1 November 2021, whenever an employer/business hires a new employee (or engages with a contractor who is subject to employer superannuation based on the nature of the work performed). there is an extra step required in determining the relevant super fund for the employee/contractor should they not provide the employer/business with a completed Superannuation Choice Form stating the super fund they wish for their contributions to go into. No longer can the employer/business automatically select their default fund - they now need to find out from the Australian Taxation Office to see what "stapled" super fund is attributable to that employee/contractor.
Louie looks into the concept of stapled super funds, and shares insights from the ATO's "Your Future, Your Super" Project Director Katie Constance to assist employers/businesses with meeting this new super obligation.
Contact us:
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.