Hello Chasers,
A new year quite often sees a change of personnel and new team members join our businesses.
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).
NOTE: 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.
Employers can currently request stapled super fund details in ATO online services for business, or online services for individuals (for sole traders), or the employer’s tax agent can request these details using ATO online services for agents.
However, 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 the business software, so
the employer 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.
Bulk request process
The updated service standard to process bulk stapled fund requests is 14 business days.
From mid-2023, the current bulk request process will be decommissioned. The ATO encourages employers using the bulk request process to begin discussions with their software providers regarding the solution well ahead of this date.
If you need assistance with updating the new payroll and super information for your new Team members in Xero, please contact Shannae Hewett on 03-55612643.
Have a great day!
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