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 and fewer missed contributions.
The Payday Superannuation Bill, introduced by Treasurer Jim Chalmers, requires employers to make superannuation contributions within seven business days of payday, starting July 1.
Unpaid super totalled almost $5.2 billion in 2024/25
According to Dr Chalmers, this change will strengthen Australia's superannuation system and combat wage theft, allowing for quicker detection of unpaid super contributions.
- Faster payments
- Fewer missed contributions
- More money for retirement
Author's summary: New superannuation rule boosts retirement funds.
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