Millions of workers will be thousands of dollars better off in retirement under federal government plans to require all businesses to pay their employees’ superannuation on payday.
The proposed update to laws that allow businesses to pay super quarterly will also make it tougher for employers not to pay the super guarantee at all – an issue that costs workers billions in unpaid super each year.Credit:Treasurer Jim Chalmers and Assistant Treasurer Stephen Jones said millions of Australians would benefit in retirement from the change, which it wants to start from July 1, 2026.
The move will also improve the Australian Taxation Office’s ability to act on underpayments by identifying debts earlier. The Tax Office found employees missed out on $3.4 billion in unpaid super in 2019-20. Payday super is part of a broader push by the federal government to reform the superannuation system.a legally enshrined definition of superannuation
That change will net the Commonwealth an additional $2 billion in tax revenue over the first four years, but the Coalition has urged the government to reverse that decision.
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