Payday Superannuation on the radar
The Government has introduced a proposed policy for timely superannuation guarantee contributions.
Under this policy, from Tuesday 1 July 2026, employers will be required to make Super Guarantee (SG) contributions within seven days of employees being paid. Currently, employers still have up to 28 days after the end of each quarter to make SG contributions.
This policy has been designed to reduce unpaid or underpaid contributions to employees.
These changes will be incorporated into the Single Touch Payroll system which will mean that superannuation reporting will highlight any lack of compliance with the new policy.
Failure to meet the requirements may result in penalties for late payments.
While this change is still a while away yet, we recommend reviewing your payment schedule now in readiness for the change, while there are still no penalties for late payments.
If you have any questions about this change, please feel free to contact us.