Since 1 November 2021, there are some changes to how you onboard new employees, when it comes to paying their super. If you have eligible new employees start and they don't choose your default or nominated super fund, or elect another fund entirely, you may have an extra step to take to comply with regulations, by requesting their ‘stapled super fund’ details from the Australian Taxation Office (ATO).
What is a stapled super fund?
A stapled fund is linked, or ‘stapled’ to a person, so their super will follow them when they change jobs. The Government has introduced this to stop the creation of unnecessary and duplicate super accounts, which may lead to employees paying fees or insurance premiums on multiple super accounts, which may reduce their retirement savings.
It’s important to tell us quickly of any new starters. For example, a new employee might be eligible to have Basic Insurance Cover and standard Income Protection insurance added to their Mine Super account when you send us a super contribution for
them.
Mine Super accounts contain insurance products and investment options. By providing your employee’s correct date of birth, you ensure investment returns, insurance benefits and charges from these products are correct.
If your employee provides you with their TFN you must pass it on to us with the next super contribution or within 14 days, whichever is the later. If you don’t pass on your employee’s TFN:
From 1 July 2022, employers need to make super guarantee contributions for eligible employees regardless of how much the employee is paid. Until then, generally, you only need to pay super guarantee contributions for employees who’re paid $450 or more (before tax) in salary or wages in a calendar month. Find out more on the ATO website.
Generally, employees are entitled to super contributions equivalent to 10% of their Ordinary Time Earnings (OTE). OTE is not simply ‘gross’ or ‘net’ wage, but includes an employee’s total earnings for ordinary hours of work plus over-award payments, shift loading, bonuses, certain paid leave and commission.
If your employee works in the black coal mining industry, you’ll need to pay their super contributions within 21 days after the end of the month in which their pay period ended.
Other industries must observe the relevant awards and Super Guarantee obligations set out by the Australian Taxation Office (ATO). The quarterly cut-off dates for payments are:
| Quarter | Period | Payment cut-off date |
| 1 | 1 July - 30 September | 28 October |
| 2 | 1 October - 31 December | 28 January |
| 3 | 1 January - 31 March | 28 April |
| 4 | 1 April - 30 June | 28 July |
You must record your employees’ Reportable Employer Superannuation Contributions (RESC) and report this information to the ATO.
The government uses RESC to work out a person’s eligibility for a range of government benefits, including Family Tax Benefit and to calculate child support and Medicare levy obligations.
This can affect a member’s insurance premiums or access to funds in their superannuation account.
Financial services law prohibits unlicensed persons from giving any advice that takes into account an individual's objectives, financial situation or specific needs.
You can give employees factual information such as:
You can’t make a recommendation or give an opinion that may influence a person's decision about a financial product unless you’re licensed to do so.
Below you’ll find some useful links including our Mine Super Trust Deed and some relevant superannuation legislation for the mining industry: