New Superannuation Rule to Boost Retirement Funds
A significant change to superannuation is forthcoming, introducing 'Payday Super' rules for faster payments and fewer missed contributions.
Treasurer Jim Chalmers introduced the Payday Superannuation Bill, requiring employers to make superannuation contributions within seven business days of payday, starting July 1.
Unpaid super totalled almost $5.2 billion in 2024/25
This change aims to strengthen Australia's superannuation system and combat wage theft, making a real difference to financial security in retirement.
Author's summary: New superannuation rule to deliver more retirement money.