Treasury Laws Amendment (Your Future, Your Super) Act 2021 (46 of 2021)

Schedule 1   Single default account

Part 1   Main amendments

Superannuation Guarantee (Administration) Act 1992

18   After Division 6 of Part 3A

Insert:

Division 7 - Stapled funds

32Q What is the stapled fund for an employee

A fund is the stapled fund , for an employee at a particular time, if the requirements prescribed by the regulations for the purposes of this section are met in relation to the fund at that time.

32R Identifying any stapled funds for employees

Requesting Commissioner to identify any stapled fund

(1) An employer, or the employer's agent, may request the Commissioner to identify any stapled fund for an employee of the employer. Such a request must be:

(a) in the approved form; and

(b) made in accordance with any requirements prescribed by the regulations for the purposes of this paragraph.

Considering and responding to requests

(2) Upon being given such a request by an employer (or by the employer's agent), the Commissioner must:

(a) consider the request; and

(b) notify in writing the employer (and the employer's agent if the agent made the request):

(i) whether the Commissioner is satisfied that there is a stapled fund for the employee; and

(ii) if the Commissioner is satisfied that there is a stapled fund for the employee - about the details necessary for the employer to make contributions to that fund for the benefit of the employee;

as soon as practicable and in accordance with any requirements prescribed by the regulations for the purposes of this subsection.

Changes to earlier notifications

(3) The Commissioner may, in any circumstances prescribed by the regulations for the purposes of this subsection, change an earlier notification given in relation to the employee. The Commissioner must give written notice of the change as soon as practicable to:

(a) the employer; and

(b) if the earlier notification arose from a request by the employer's agent - the employer's agent.