New superannuation rules apply as of 1 November. These apply when your business commences hiring a new employee.
On 1 July, the new super guarantee rate increased to 10%
Find your employees superannuation Fund
Making sure you deposit your employees super into their fund is a critical aspect of meeting your Employer Super obligations. You, as the Employer, must complete the Choice of Fund form. The form is used to identify where your new employee wishes their superannuation to be directed to
Where the new employee does not specify a fund, the Employer will generally direct it to the employee’s superannuation into an employer default fund.
However, from 1 November 2021, an employee must take action. If an employee does not identify a fund, the Employer must contact the ATO and request details of the employee’s existing superannuation fund.
This request for the employees super details is made through the ATO’s online services through the ‘Employee Commencement Form’.
No Fund – use employer default fund
Should the ATO confirm that no other fund exists for the employee, the contributions can be directed to the Employer’s default fund. Or a fund specified under a workplace determination or an enterprise agreement (if the determination was made before 1 January 2021).