New payday super requirements are proposed to start on 1 July 2026.
Employers will need to make superannuation guarantee (SG) contributions at the same time as salary and wages (weekly, fortnightly, or monthly).
A shift from the current quarterly SG payment schedule.
For Employers:
All employers, regardless of size, must align SG contributions with payroll cycles.
Possible cash flow impacts, especially for small businesses.
Small Business Clearing House will close on 1 July 2026, so alternative solutions are needed.
For Employees:
Aims to improve transparency and boost retirement savings.
Example impact: A 25-year-old earning the median income could gain about $6,000 extra by retirement.
Details Announced:
Contribution Timeline: Super must reach employee funds within 7 days of payment (14 days for new employees).
SG is calculated based on ordinary time earnings (OTE), excluding overtime.
Penalties apply for missed or delayed payments.
The government will continue to finalise details and introduce relevant legislation. Updates will be provided as further information is made available.
You can read the rest of our November Newsletter here.
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