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Since 1 July 2005, employers have been required to offer their employees the right to choose which superannuation fund will receive their employer superannuation contributions. If an employee did not choose their own fund, then the employer was obligated to pay into a default fund.
With the advent of the Stapled Super Funds regime on 1 November 2021, there is now an extra step for employers to take if an employee doesn’t choose a super fund.
In the September edition of Getting Technical, we discussed the Stapled Super Funds regime in prospect. With the regime having now commenced, significantly more is known about its operation, and it is thus timely to take a deep dive into the practical implications for employees, employers and indeed, Tax and BAS Agents.
Get your copy here