The following is a message from one of our Superannuation partners – HostPlus
Payday Super reforms, announced in the 2023 Federal Budget, are proposed to start from 1 July 2026. These reforms align Superannuation Guarantee (SG) payments with regular pay cycles, requiring employers to pay SG simultaneously with salary and wages. Contributions will need to reach employees’ superannuation funds within seven calendar days of payday.
The reforms represent a significant change to payment processes. Legislative change can be challenging for employers to find time to keep up with, but Hostplus is committed to making the transition smooth by providing regular guidance and support.
Draft legislation released earlier this year outlines key details, including exceptions to the seven-day rule for new employees and for payments made outside the regular pay cycle.
The legislation also outlines some new responsibilities for employers, aimed at streamlining administrative processes. These include revised rules around an employee’s choice of super fund, to improve onboarding processes and reduce administrative burdens. SuperStream standards will also be updated to improve error messaging for quick resolution of payment issues.
Find out more at hostplus.com.au/payday-super
This information is general advice only and does not take into account your personal objectives, financial situation or needs. You should consider if this information is appropriate for you in light of your circumstances before acting on it. Please read the relevant Product Disclosure Statement and Target Market Determination available at hostplus.com.au/pds and hostplus.com.au/ddo before making a decision about Hostplus.
Issued by Host-Plus Pty Limited ABN 79 008 634 704 as trustee for the Hostplus Superannuation Fund ABN 68 657 495 890.