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Payday super: new details emerge of planned reforms
14 November 2024
1 min read
The Federal Government has released additional details of its proposed Payday Super reforms, which are expected to come into effect from 1 July 2026 and will require employers to pay their employees’ super guarantee at the same time as their salary and wages.
The Federal government recently announced further details in relation to its Payday Super proposals, following a period of industry consultation.
Payday Super will require employers to pay an employee’s super guarantee contributions at the same time as their wages and salary from 1 July 2026.
The additional details include:
- Clarifying that an employer’s superannuation guarantee contribution will need to be received by the employee’s fund within 7 days of the employee’s payday (with some limited exceptions) to avoid being liable for a superannuation guarantee charge
- Confirming an employee's payday is the date on which an employer makes a payment of salary and wages for which they will have a superannuation guarantee liability
- Outlining that the non-tax deductible superannuation guarantee charge will be updated and will consist of any contributions that remain unpaid at the time of assessment plus additional penalties and charges.
The government has also announced it will close the ATO's Small Business Superannuation Clearing House (SBSCH) from 1 July 2026, which means those businesses that use the SBSCH will need to transition to an alternative clearing house.
More detail on the additional proposed changes is available on the Australian Taxation Office website.
We will keep you up-to-date on further planned changes as they are released.
Please contact your Relationship Manager if we can help.
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Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL) is the issuer of FirstChoice Employer Super offered from the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557. This document may include general advice but does not consider your individual objectives, financial situation, needs or tax circumstances. You can find the target market determinations (TMD) for our financial products at www.cfs.com.au/tmd, which include a description of who a financial product might suit. You should read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. You can get the PDS and FSG at www.cfs.com.au or by calling us on 1300 654 666. All applications for these products must be on the application form attached to the PDS, which can be completed online (other than for FirstChoice Employer Super) or on paper. Applications for FirstChoice Employer Super can be made by speaking to your employer or Relationship Manager (RM). This information is based on current requirements and laws as at the date of publication. Published as at 14 November 2024.