Payday super update
On 2 May 2023, The Australian Government announced that from 1 July 2026, employers will be required to pay their employees’ super at the same time as their salary and wages. This reform is intended to benefit the incomes of millions of Australians, particularly low income earners and women in the workforce come retirement.
Payday super will make it easier for employers to keep track of their payments, and harder for them to potentially miss super payments or under pay staff super. The Hon Jim Chalmers MP Treasurers has stated “more frequent super payments will make employer’s payroll management smoother with fewer liabilities building up on their books”.