Australia: Consultation on payday superannuation implementation
Comments due 3 November 2023
Comments due 3 November 2023
The Department of the Treasury has opened a consultation on the implementation of payday superannuation and a redesigned compliance framework to encourage employers to pay their employees’ superannuation guarantee entitlements as close as possible to payday.
The measure, which was announced in the 2023–2024 federal budget and is known as “payday super,” would require employers to make superannuation contributions on the same day that they pay salary and wages. Subject to the passage of legislation, the measure would become effective 1 July 2026.
Comments are due by 3 November 2023.
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.