The Australian Tax Office (ATO) and super funds are sitting on a monster $17.8 billion1 in lost and unclaimed super. Much of it belongs to the many Australians who’ve had more than one job – and more than one super account.
Despite the value of lost and unclaimed super increasing, more Australians are now bringing their super together in one place – potentially saving on fees and unnecessary insurance premiums. According to the latest statistics, 78% of Australians now have just one super account, meaning 22% – or around 4 million people – still have two or more accounts.2
The trend towards single accounts picked up steam following the introduction of Super Stapling in November 2021 by the Federal Government as part of the Your Future, Your Super reforms.
However, for many small businesses in particular, super stapling continues to pose a challenge with most duplicate accounts created when people start new jobs.
What you need to do
To help you understand your obligations under the Super Stapling rules – and prevent the unnecessary creation of duplicate accounts – here’s a refresher of the process, with more information also available on our website.
View our infographic to see how the new stapling rules apply to new employees and existing employees from 1 November 2021.
We’re making stapling easier for you
You can now streamline your stapling obligations with Stapled Fund Request (SFR), the newest feature now available through Super Fund Onboarding (SFO).
With SFR, you can request stapled fund details for your employees directly from the ATO as part of your onboarding process. Simply submit your request with a few clicks of a button and you’ll get a response with the information you need to meet your stapling obligations quickly and easily. Plus, you’ll be keeping all your employees’ information in one secure place.
SFO is a digital onboarding solution, created by Beam3, part of the Australian Retirement Trust group. You can access it through Employer Online.
So, next time you have a new employee who doesn’t make a super fund choice, all you need to do to find their stapled super fund is enter your employee’s details and click a button to submit on SFO. No extra forms, all securely online and within one place. It helps employers make light work of employee onboarding and supports your super obligations by turning manual, paper-heavy onboarding processes into a quick, simple and secure digital experience.
We’ve updated our SFO Employer User Guide with more information on SFR, including how you can activate it in your SFO account now.
Accessing SFO and SFR is easy
Login to Employer Online to access SFO and SFR. If you haven’t already registered for Employer Online, you can join Employer Online today and start using SFO and SFR.
3. This is general information. It’s not based on the specific objectives, financial situation or needs of your business. Think about those things and read the Product Disclosure Statement before you make any decision about our products. Contact your payroll provider for a copy of Product Disclosure Statement (PDS). Beam is issued by Precision Administration Services Pty Ltd (Precision) (ABN 47 098 977 667, AFSL 246 604). Precision is wholly owned by Australian Retirement Trust Pty Ltd (ABN 88 010 720 840, AFSL 228 975), trustee of Australian Retirement Trust (ABN 60 905 115 063).