New and updated requirements for employers

19 June, 2023 | 4 min read

Some changes are coming to super that will affect employers. We can help you understand the impact they’ll have on how you manage your obligations when it comes to stapling and some of the legislative changes the government announced in the Federal Budget, including the requirement to pay SG contributions at the same time as wages from 1 July 2026.

Stapling – Bulk request process decommissioning

As you are aware, ‘stapling’ was introduced in November 2021 to help prevent the creation of multiple, unintended super accounts when Australians start or change jobs.

When it comes to requesting stapled super fund details from the Australian Tax Office (ATO), the ATO has stated that the bulk request process will be decommissioned in 2023 – a date is yet to be confirmed, but we will keep you updated as more information is available.

This interim service has been to support you as employers until a business software solution is available.

The business software solution will allow you to request stapled super fund details within business software rather than making separate requests via ATO online services.

As it stands you can currently complete a bulk request form if:

  • you need to request stapled super fund details for over 100 new employees at once
  • you have an employment relationship link with each of the new employees.

Bulk requests have a service standard of up to 14 business days. We recommend allowing extra time for bulk requests that are close to your super payment due dates.

For more information visit the ATO website here.

Payday superannuation

The Government will introduce legislation requiring employers to pay super on payday instead of every quarter as is currently the case. This will take effect from 1 July 2026.

The ATO will receive additional resourcing to help it detect unpaid super payments earlier and the Government will set enhanced targets for the ATO for the recovery of payments.

The 1 July 2026 start date is intended to provide employers, superannuation funds, payroll providers and other parts of the superannuation system with sufficient time to prepare for the change.1

Maintaining the increase to the super guarantee

The Federal Budget in May 2023 maintained the Super Guarantee’s legislated increase to 12%. From 1 July 2023, the Super Guarantee will increase to 11%. It will continue to increase by 0.5% on 1 July each year until it reaches 12% in 2025.2

It’s important to remember that many of the measures announced by the Treasurer as part of the 2023-24 Federal Budget, will need to be legislated before they come into effect.

Full details on the Federal Budget can be found here.

What’s next

We’ll keep you updated as final details emerge through our online and news channels.

 


1 Australian Taxation Office

2 Australian Institute of Superannuation Trustees (AIST) 2023 Federal Budget summary.

Please note: we cannot provide employers with personal financial advice or legal advice. We can only provide factual or general information of an educational nature. Employers should obtain advice that takes into account their needs, situation or objectives from a qualified financial or legal adviser.

19 June, 2023 | 4 min read

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