Payday Super – What You Need to Know
Dec 18, 2024
Starting 1 July 2026, the Australian Government's new payday super legislation will ensure that eligible employees receive their superannuation guarantee (SG) contributions at the same time as their salary and wages. This change aims to help provide Australian workers with a more dignified retirement.
Under the new rules, SG payments will align with the pay cycle, whether weekly, fortnightly, or monthly. Employers will have a seven-day window to process and transfer contributions to employees' super funds. This means employees can expect their super to grow more consistently and reliably.
Additionally, proposed changes to the Superannuation Guarantee Charge (SGC) will help ensure employees are fully compensated for any delays, with penalties for late payments. This reform is designed to protect employees' financial futures and ensure they receive the superannuation they are entitled to.
Read the full article on AustralianSuper's website
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