As part of the 2023-24 Budget, the Government announced that from 1 July 2026, superannuation must be paid on payday, a change that will benefit the retirement incomes of millions of Australians.
This change is designed to improve Australia’s superannuation system by giving employees better visibility over their retirement savings.
Subject to the passage of legislation, the Securing Australians’ Superannuation package will commence from 1 July 2026.
The Department of Treasury has now released consultation papers inviting industry and stakeholders to provide input on the implementation of payday super and the required compliance framework.
The Government is seeking consultation on:
- Defining payday super
- Updating the SG charge
- Compliance mechanisms
- Other areas for consultation such as:
– changes to maximum contributions base and concessional cap rules
– impact of the changes on defined benefits funds and SMSF.
All interested parties are encouraged to provide input on the consultation paper by 3 November 2023.
