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.
Better understand what this new proposed tax means for you.
As part of the Australian government’s long-term plan to ensure adequate retirement savings for employees, the SG rate has continued to rise. Read more about the recent increase and how this may affect you.
The Fair Work Commission (FWC) announced the Annual Wage Review 2022-23 on 2 June, 2023 which increased the minimum wage and Modern Award rates by 5.75%. Read more about what the new Modern Award rates and the Wage Increase mean to you as an employer
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.
