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 mean faster payments, fewer missed contributions, resulting in more money for retirement. This change is expected to make a real difference to financial security later in life, especially for those nearing or already in retirement.
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
According to Dr Chalmers, this change will 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 rules to boost retirement funds.