Search results for: “employers”
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Draft Payday Super Legislation Revolutionizes Superannuation Compliance for Employers
The long-awaited draft Payday Super legislation has been released by the Treasury, marking a significant reform in the superannuation sector. The legislation, set for potential commencement in July 2026, aims to reshape the Superannuation Guarantee framework, emphasizing the timely receipt of contributions by employees’ super funds within seven days of salary payment. 101 Ways to…
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CPA Australia Advises Workers on Superannuation Guarantee Increase Impact
As the superannuation guarantee (SG) increase approaches on July 1, CPA Australia is advising workers to assess how this change will affect their finances and retirement savings. The rise from 11.5% to 12% in the minimum contribution by employers to their employees’ superannuation funds is expected to have a significant impact. Helect Calculator, Standard Function…
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Payday Super Laws to Bolster Retirement Savings for Australian Workers
Payday super laws are set to revolutionize retirement savings as they mandate employers to pay superannuation along with wages. The move comes in response to the alarming prevalence of unpaid super, which deprives a quarter of workers of $5.1 billion annually. On average, each affected worker loses $1,800 in super per year, amounting to a…
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ATO Crackdown Reveals $659M Unpaid Super Guarantee Charges
The Australian Tax Office (ATO) recently disclosed that it had concluded 23,600 super guarantee cases in the 2023–24 fiscal year, resulting in a total of $659 million in super guarantee charge liabilities. This figure underscores the ongoing issue of employers failing to meet their superannuation obligations. A PRACTICAL GUIDE TO AUSTRALIAN SUPERANNUATION: A Plain-English Guide…
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Australia’s Superannuation System Enhances Retirement Savings with Rate Increase
Australia’s superannuation system is evolving with the final planned increase in the super guarantee rate from 11.5% to 12%. This adjustment signifies a crucial step in enhancing retirement savings for future generations, as employers will contribute a higher percentage of payroll to superannuation. The impact of this change is expected to be significant in the…
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High Court Rulings Redefine Employment Relationships in Australia
Recent High Court rulings in Australia have reshaped the landscape of determining employment relationships by shifting the focus from a multifactorial test to a scrutiny of contractual terms. These legal developments have far-reaching implications for businesses, particularly concerning superannuation obligations and existing agreements. Macken’s Law of Employment 9th Edition | $200.09 In response to these…
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Superannuation Governance Shift Sparks Trust and Performance Focus
A new battleground is emerging in the realm of superannuation, with increased scrutiny on trust and governance within the industry. Former treasurer Wayne Swan recently faced a Senate inquiry regarding the scandal surrounding the super fund he chairs, emphasizing the superior performance of industry funds compared to retail funds. The unique governance structure of industry…
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NSW Small Businesses Brace for Regulatory Changes in 2025
In the latest update from the Commission in July 2025, significant changes impacting small businesses in NSW have been announced. One key update involves an 8% increase in the average rate of workers’ compensation premiums for the upcoming financial year. However, small businesses can take proactive steps to mitigate this increase, such as maintaining a…
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2025/26 Federal Budget: Tax Rate Adjustments Favor Older Workers
The 2025/26 federal budget brings changes to tax rates that have received positive feedback from advocacy groups. However, the lack of significant alterations to superannuation has left some with mixed feelings. The adjustments in tax rates are seen as beneficial for older workers and individuals paying tax from various income sources, providing additional financial relief…
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Superannuation Contribution Caps to Increase, Benefit Older Workers
Superannuation contribution caps are set to increase for the first time in three years, thanks to robust wages growth data released by the Australian Bureau of Statistics. These caps, which govern both concessional and non-concessional contributions, are tied to wages growth and are periodically adjusted. Come July 1, the concessional contribution cap will climb from…