Financial Management

Stapling is the prevention of unintended multiple accounts (otherwise known as “stapled funds”). Simply put, this means that an employee’s superannuation account will stay with them when they change employers. If an employee changes jobs, their new employer is required to pay Super Guarantee (SG) payments into the employee’s stapled fund unless the employee completes a ‘Choice of Fund’ form nominating a different super fund. If an employee does not have a stapled fund (for example, when an employee first enters the workforce) and does not make a ‘Choice of Fund’ selection, the employer may make the SG payments into an account set up with the employer’s default fund.

Fee-related questions are amongst the trickiest a solicitor needs to answer confidently. This is true whether you view these questions from the clients’ perspective of value-for-money. Or for your firm’s profitability. Before you quote a price to clients you need to answer some really important questions.

From 1 July 2021, Superannuation Guarantee (SG) rates increased from 9.5 percent of ordinary time earnings to 10 percent. The SG rate is scheduled to continue to increase until it reaches 12 percent from 1 July 2025 onwards.

It’s 2021 and Australia’s gender pay gap is stuck at around 15 per cent; despite laws promoting better gender equality and evolving attitudes, women are still often paid less than men. The super gap is even greater than the pay gap. According to Industry Super Australia, on average, women retire with around half as much super as men.