‘Payday super’ will overhaul the way in which superannuation guarantee is administered. We look at the first details and the impending obligations on employers.
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Workers are owed over $3.6 billion in superannuation guarantee according to the latest Australian Taxation Office estimates – a figure the Government and the regulators are looking to dramatically change.
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Workers’ retirement savings got a boost from July 1 when the superannuation guarantee (SG) increased to 11 per cent as part of a legislated plan to raise the rate to 12 per cent by 2025.
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The Government has announced that it will enshrine a right to superannuation payments in the National Employment Standards (NES).
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From superannuation to single touch payroll, find out what’s changing from 1 July 2021.
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Employees with multiple employers can now opt-out of superannuation guarantee from all but one employer.
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