A reminder that the ATO has signalled a new software solution which will allow employers to request stapled super fund details via their business software and payroll products, rather than having to make separate requests via ATO online services.
The ATO is encouraging employers to speak with their software providers about switching to the new solution. This is particularly important for employers using the current bulk request process as the ATO has signalled it will cease from mid-2023.
Stapling was introduced to prevent the creation of unintended multiple super accounts for workers when they change jobs so their retirement savings aren’t eaten away by duplicate fees. This generally means a worker’s existing super fund is ‘stapled’ to them for the duration of their career, unless they choose another super fund.
If you would like a refresher on the stapling legislation and employer FAQs, you can visit our webpage here. You can also visit the ATO website for more information.
