7 November 2024
Super stapling was introduced from 1 November 2021, as part of the Your Future, Your Super federal government measures.
What is super stapling?
Superannuation stapling aims to reduce the number of multiple super accounts that employees have when they change jobs. This change allows an employee's existing super fund to be 'stapled' to them and follow them to their new employer, unless they decide to choose a different fund.
How does it impact new employees?
The infographic below demonstrates the super stapling changes that commenced post 1 November 2021 and provides more detail on where to pay your employee’s super in different circumstances.
Future of super stapling
As an employer, you may have noticed some of the following benefits:
- Efficient contribution process: By ensuring your employee receives their contribution into their stapled super fund, in turn, this will remove any unnecessary issues with payments being refunded back due to data matching issues
- Reduced administration: Employers now have a clearer process for onboarding new employees. If a new starter doesn’t choose a super fund, employers are responsible for checking with the ATO via their ATO online account whether the employee has a 'stapled' fund and ensuring their super is paid into it
- Improved employee awareness: Super stapling encourages employees to be more active in choosing a super fund that helps give them the best retirement outcome. This can lead to better awareness for employees and prevents the unnecessary creation of multiple super funds.
- Compliance and support: Employers have access to resources and support to help them understand their super obligations.
Super stapling penalties
If you don’t meet your choice of super fund obligations or pay SG contributions where applicable, additional penalties may apply.
Find out moreThis information may be general financial advice which doesn’t take into account your personal objectives, financial situation or needs. Before making a decision about AustralianSuper, you should think about your financial requirements and refer to the relevant Product Disclosure Statement available at australiansuper.com/PDS or by calling 1300 300 273. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/TMD.
AustralianSuper Pty Ltd, ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898.