Equip Super and TelstraSuper announce intent to merge. The Boards of Equip Super and TelstraSuper have entered into a merger agreement. The two funds have signed a non-binding Memorandum of Understanding and have agreed to explore a 'merger of equals' between the two funds.

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To support our employers, we have broken down the changes that will impact you directly from the new Payday super once this measure becomes law. 

All employers will be required to implement the Payday reform, when passed, which mandates that Super Guarantee (SG) contributions must be paid for their employees with every pay cycle.

This differs from the current legislation that allows employers to pay super on a quarterly basis. The intention of the reform is to deter superannuation theft and enable the ATO to take quick action to quickly rectify instances of unpaid super.

This will ensure Australians within the workforce are receiving their contributions promptly for better investment outcomes in preparation for retirement and where possible, minimising unpaid super.

How does this impact you?

From 1 July 2026, all employers will be required to make SG contributions on ‘payday’.

Payday is the date that any employer makes Ordinary Time Earnings (OTE) payments to an employee.

Each time salary and wages are paid, you will have 7 calendar days for the contribution to arrive in the employees’ superannuation fund. This gives the payment adequate time for the fund to move through the SuperStream payment system, including clearing houses. If the contribution remittance is not received on time, then the employer will be liable for the new SG charge.

Limited exceptions include:

  • Contributions for OTE paid within the first two weeks of employment for a new employee will have their due date deferred until after the first two weeks of their employment
  • Irregular payments that occur outside of the regular pay cycle will not be considered a payday until the next regular payday occurs

Updated SG charge

Employers who fail to pay contributions on time will be liable for the SG charge. The new penalty framework will:

  • Put employees in the same position as if their contribution had been received in full and on time
  • Incentivise employers to quickly disclose and rectify any instance of unpaid superannuation
  • Increase consequences for employers who don’t pay on time, with bigger penalties for those who repeatedly fail to meet legislative guidelines.
Fact sheet

For more detailed information regarding the SG charge, recognising late contributions and supporting the transition to Payday super, please refer to the fact sheet.

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Next steps

As we progress through 2024, the ATO will engage the industry to inform administrative design for the Payday Super regime, which will then reflect on the linked fact sheet.

In addition, we’ll continue to send you important information as it’s announced by Treasury.

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