Superannuation system update in consultation
Following a media release last week, the Government announced that from 1 July 2026, employers will be required to pay super for their employees at the same time as their salary and wages.
The start date will provide employers, super funds, payroll providers and other parts of the superannuation system with sufficient time to prepare for the change.
This is not yet law.
Treasury and the ATO will consult closely with industry and stakeholders on these changes in the second half of 2023. This measure is aimed at closing the gap on billions of dollars in unpaid super.
The upside for small business is the bank account better reflecting actual cash flow position. With most accounting software packages heavy lifting the additional administration required, employers who outsource their payroll will face additional compliance costs.
For more information, see the Hon Stephen Jones MP joint media release here or contact the team at Allan Hall.