New Superannuation Rule Set to Deliver More Money in Retirement
A major change to superannuation is coming, with new 'Payday Super' rules aiming to provide faster payments, fewer missed contributions, and more money for retirement.
The Payday Superannuation Bill, introduced by Treasurer Jim Chalmers, requires employers to make superannuation contributions within seven business days of payday, starting July 1.
Dr Chalmers said it would strengthen Australia's superannuation system and combat wage theft.
Unpaid super totalled almost $5.2 billion in 2024/25, and more frequent payments are expected to help detect unpaid super contributions more quickly.
Author's summary: New superannuation rules to boost retirement funds.