Super for Employees, Employers and SMSF
What is Super Stapling
From 1 November 2021, if you have new employees start, you may have an extra step to take to comply with choice of fund rules if they don’t choose a super fund. You may now need to request their ‘stapled super fund’ details from the ATO.
A stapled super fund is an existing super account that is linked, or ‘stapled’, to an individual employee so that it follows them as they change jobs.
If you don’t meet your choice of super fund obligations, additional penalties may apply.
The change aims to reduce account fees by stopping new super accounts from being opened every time an employee starts a new job.
SMSF Membership Increase
From 1 July 2021, the maximum number of members for self-managed superannuation funds (SMSF) and small Australian Prudential Regulation Authority (APRA) funds increased from four to six.
SMSFs can either have individual trustees or a corporate trustee where all members are directors of the corporate trustee. Some State and Territory laws restrict the number of trustees a trust can have to less than six. An SMSF is a type of trust, so you must seek professional advice to help you understand if your SMSF is impacted by these restrictions. To avoid this issue SMSFs can have a corporate trustee and each member is a Director of that corporate trustee.
Please call and speak with your Accountant if you would like additional members included in your self-manged super fund.
Super Beneficiary Nominations
Have your circumstances changed? It is important to keep your beneficiary nominations up to date to ensure you have full control over who will receive your superannuation following your death. If Wilson Colman manages your SMSF and you do need to update the details, please contact us immediately.
Keeping Track of your Super
Keeping track of your super will help you stay informed about:
- how much super you’re being paid
- how many super accounts do you have
- any insurance provided with your super.
Knowing how many super accounts you have is important. Having multiple super accounts could mean you are paying fees you are unaware of, which could reduce your retirement savings.
Super is generally held by your super fund. It may also be transferred to the ATO as unclaimed super.
If you’ve ever changed your name, address or job, your fund or the ATO may not have your current details, which can result in your super becoming lost or unclaimed.
Super is your money. You should check it regularly. Contact your fund directly to update your details.
Underperforming Super Funds
You may have been contacted by your Super Fund recently advising you that your Super Fund was underperforming under the ATO guidelines. Should you need to switch funds, access via MyGov will allow you to consolidate and roll over your funds to the fund of your choice.