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ATO reminds employers of super contribution requirements

Requesting stapled super fund details for new employees

Make sure you know your obligations when it comes to super contributions for employees

The ATO is reminding employers that, when they have new employees that have not provided them with their choice of super fund, super contributions should be made into:

  • the employee’s stapled super fund; or
  • the employer’s nominated account (but only if the ATO advises that the employee does not have a stapled super fund).

A stapled super fund is an employee’s existing super account which is linked, or ‘stapled’, to them and follows them as they change jobs.

In December 2022, the ATO is releasing a solution that enables employer software and payroll products to request stapled super funds.  That is, stapled super enabled software will allow the employer to request stapled super details from within their business software, so they will no longer have to request them separately via ATO online services.

Employers should contact their software provider to find out if their software solution will incorporate the stapled super functionality.

The ATO also encourages employers using the ‘bulk request process’ to begin discussions with their software providers, as the ATO’s current bulk request process will be decommissioned from mid-2023.

Payroll Solutions For Progressive Businesses!

Running your own business is time-consuming and who wants to spend their evenings entering sales data, doing payroll, matching invoices to payments and generally doing the financial admin for your business?

Speak to us; we can offer you affordable, reliable bookkeeping services that not only ensure your financial data is up-to-date but also that it’s correctly coded saving you money on your end of year financial returns.  Contact Omnis Group Business Accountants on 08 9380 3555 for a free, no-obligation quote.

Related

https://www.omnisgroup.com.au/business-accounting-taxation/super-guarantee-changes-from-july/

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Justin Flavel

Managing Director

Justin’s experience spans across 20 years in accounting, financial analysis and general business practice.

Although born and bred on the land, Justin’s interest was more in spreadsheets, ledgers, and finance which led him to attend university. In 1992, Justin graduated with a Bachelor of Business majoring in Accounting and Finance. As well as qualifying as a CPA member and becoming a Fellow of the Taxation Institute of Australia, he began gaining practical experience in small and mid-tier accounting practices.

During the late 90s, Justin decided to expand his horizons and travel through Europe. It was during this time that he seized the opportunity to expand his knowledge on the workings of large organisations by taking on roles in multinational corporations.

Today, Justin’s passion is in facilitating businesses to grow and evolve. His focus is on acting in the role of business mentor to help clients develop the full potential of their businesses. He joins clients on their unique journey, and provides the tools and knowledge they need along the way to make the right decisions.

Justin’s aim for his clients parallels his own philosophy and personal journey—focusing on his own career growth and business success while maintaining balance in his life with his wife and three daughters.

Omnis Group Managing Director - Justin Flavel