The Division 296 superannuation tax has now become law, with several key changes from the original proposal. Commencing from 1 July 2026, the new rules apply to individuals with total superannuation balances over $3 million and include revised thresholds, tax rates and calculation methods.
As of 1 July 2026, all employers will be required to pay superannuation to their employees on the same day as they pay their wages. This is a significant change for employers and their superannuation obligations.
The Federal Government’s proposed Payday Super legislation is set to transform how employers manage superannuation contributions. With a proposed start date of 1 July 2026, now is the time to prepare for what’s ahead.
The ATO has increased its review of employers to ensure compliance with their superannuation payments, with a particular focus on late payments. Superannuation payments as late as even one day can end up costing employers thousands of dollars in interest and administrative fees. Read more here.
From 1 July 2022, the $450-per-month threshold for super guarantee is being removed. This means that you will need to pay super for your employees who are under 18 years old if they work more than 30 hours per week.
Superannuation is a highly regulated area. If an employer doesn’t meet their superannuation obligations on time, they need to lodge a Superannuation Guarantee Charge (SGC) statement which attracts significant penalties. In welcome news for employers, draft legislation has been introduced that addresses how ATO officers may exercise their discretion to remit SGC penalties. Read more here.
