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.
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.
“This simple change will strengthen Australia’s superannuation system and help deliver a more dignified retirement to more Australian workers,” they said in a statement.whose super guarantee is currently paid quarterly. The peak body calculated the change would be cost-neutral for the government.
Chalmers and Jones said it would make it easier for businesses to manage their payrolls and reduce their accounting liabilities.“Payday super will also make it easier for employees to keep track of their payments and harder for them to be exploited by disreputable employers,” they said.The ministers said the government would consult industry and stakeholders on the change in the second half of the year.
, Prime Minister Anthony Albanese announced the tax on superannuation earnings for balances over $3 million would double to 30 per cent from July 1, 2025.
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