To support our employers, we have broken down the changes that will impact you directly from the new Payday super once this measure becomes law.
All employers will be required to implement the Payday reform, when passed, which mandates that Super Guarantee (SG) contributions must be paid for their employees with every pay cycle.
This differs from the current legislation that allows employers to pay super on a quarterly basis. The intention of the reform is to deter superannuation theft and enable the ATO to take quick action to quickly rectify instances of unpaid super.
This will ensure Australians within the workforce are receiving their contributions promptly for better investment outcomes in preparation for retirement and where possible, minimising unpaid super.