As described in EMA Note Issue 16 of 2021, from 1 November 2021, the new stapled superannuation funds took effect. Employers must now comply with stapled superannuation fund requirements and need to ensure their employment contracts and enterprise agreements are compliant.
The changes to superannuation legislation
The new rules mandate certain steps that must be taken when an employee does not nominate a superannuation fund.
The Australian Taxation Office provides helpful guidance for employers on their general obligations in relation to superannuation funds. That guidance can be read here. If you have questions about how stapled super funds work, or what your obligations are, we recommend seeking help from the ATO or from your accountant or taxation specialists.
Enterprise Agreements and Contracts of Employment
Employers should ensure that their contracts of employment and enterprise agreements are consistent with the new superannuation rules. If there are inconsistencies, employers should seek advice to confirm their obligations and ensure that their payroll systems are compliant.
Where employers are negotiating new enterprise agreements or implementing new contracts of employment, it is important that these are consistent with the new changes so the parties understand what they are agreeing to. This will help avoid any confusion in the future.
EMA Consulting has updated its template contracts of employment and letters of offer for consistency with the new superannuation law changes. Subscribers to My ERLibrary were notified when the changed templates were uploaded to their subscription service.
EMA Help Available
If you need help reviewing your contracts, enterprise agreements or letters of offer, please contact your Consultant.
EMA Consulting is not a law firm and therefore does not provide legal advice or services. The information contained within this document and associated material is general in nature and should not be relied upon. If you require specific advice on a particular matter, we recommend that you contact EMA Consulting on 08 8203 1700. Subject to the matter at hand, your EMAC Consultant may recommend that you obtain formal legal advice. If formal legal advice is required, upon your written instruction EMAC will brief your matter to a legal practitioner for this purpose. The contents of this document and associated materials do not represent legal advice.