{"id":15976,"date":"2023-06-05T16:38:03","date_gmt":"2023-06-05T05:08:03","guid":{"rendered":"http:\/\/quantiphy.com.au\/oldbackup\/?p=15976"},"modified":"2023-06-05T16:38:03","modified_gmt":"2023-06-05T05:08:03","slug":"employers-to-pay-super-at-same-time-as-wages","status":"publish","type":"post","link":"https:\/\/quantiphy.com.au\/oldbackup\/employers-to-pay-super-at-same-time-as-wages\/","title":{"rendered":"Employers to pay super at same time as wages"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The government has announced that from 1 July 2026, employers will be required to pay their employees\u2019 super at the same time as their salary and wages (ie payday super). The three-year lead time is to give businesses, super funds, payroll providers and other parts of the superannuation system sufficient time to prepare for the change.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to ATO estimates, in 2019\u20132020, around $3.4 billion worth of super went unpaid. While the onus to chase up unpaid super currently lies with the employee, this is made all the more difficult by the employer only having to show the amount of super they are liable to pay, not the actual amount paid. Currently, employers are only required to pay super for eligible employees on a quarterly basis, meaning that many employees realise far too late that they have not been paid the correct amount of super.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The government hopes that the simple payday super change will make it easier for employees to keep track of their super payments, making it harder for disreputable employers to exploit this loophole.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Treasurer Jim Chalmers MP has noted that more frequent super payments will make employers\u2019 payroll management smoother with fewer liabilities building up on their books, while also benefitting employees. It is projected that a 25-year-old median income earner currently receiving their super quarterly and wages fortnightly could be around $6,000 or 1.5% better off at retirement just with this small change.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It should be noted that legislation related to these measures has not yet been released, let alone passed Parliament. Therefore, these measures are not yet law, but given the broad political support in wake of the announcements, it is likely that these proposals will be introduced as soon as various consultation concludes.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government has announced that from 1 July 2026, employers will be required to pay their employees\u2019 super at the same time as their salary and wages (ie payday super). The three-year lead time is to give businesses, super funds, payroll providers and other parts of the superannuation system sufficient time to prepare for the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":15977,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42,6,43],"tags":[],"class_list":["post-15976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-news","category-tax"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Employers to pay super at same time as wages - Quantiphy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/quantiphy.com.au\/oldbackup\/employers-to-pay-super-at-same-time-as-wages\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Employers to pay super at same time as wages - Quantiphy\" \/>\n<meta property=\"og:description\" content=\"The government has announced that from 1 July 2026, employers will be required to pay their employees\u2019 super at the same time as their salary and wages (ie payday super). 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