Payday Superannuation – key considerations for employers

This is a significant change from the current requirements for employers, as outlined by Analyn Toledo and Jenny Thai.

The Federal Government, on 2 May 2023, announced that employers will be required to pay their employees’ superannuation guarantee (SG) entitlements on the same day that they pay their salary and wages, or on payday (Payday Super). This change will take effect from 1 July 2026. The Government announced in the Budget that it will be investing $40.2 million to the Australian Taxation Office (ATO) in 2023-24 to improve data matching capabilities and enforcing SG compliance. This is a significa...

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Authors: Analyn Toledo

Published Date: 11 May 2023