New Superannuation Rule
A major change to superannuation is coming, with new 'Payday Super' rules aiming to deliver more money in retirement.
The rules will result in faster payments, fewer missed contributions, and more money for retirement, making a real difference to financial security later in life.
Payday Superannuation Bill
Treasurer Jim Chalmers introduced the Payday Superannuation Bill into parliament, 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
Dr Chalmers said the new rule would strengthen Australia's superannuation system and combat wage theft, with more frequent payments helping to detect unpaid super contributions more quickly.
Author's summary: New superannuation rule to boost retirement funds.