Employers could be forced to pay superannuation at the same time they pay wages, as Labor considers scrapping laws allowing businesses to pay super quarterly.
Employers could soon be forced to pay superannuation at the same time they pay wages, with new documents revealing Labor is exploring scrapping laws allowing super payments to be delayed.under freedom of information, show Treasury is actively considering mandating payday superannuation, in a move that would likely face fierce resistance from the small business community.
It means there is a misalignment between the amount of super an employee sees on their payslip, and the actual amount deposited into their accounts. Requiring superannuation to be paid alongside wages would also allow for earlier debt identification, preventing the accumulation of large unpaid super balances, the ATO wrote in an internal presentation.In a briefing note, Treasury said payday superannuation laws would significantly reduce the incentive for employers to delay paying superannuation, but conceded it may cause cashflow concerns for small businesses.
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