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FUND DETAILS     USI: NES0100AU     ABN: 72 229 227 691     ADDITIONAL INFORMATION

Change to Frequency of SG Payments

10 May 2023

From 1 July 2026 the Government will align the payment frequency for Superannuation Guarantee (SG) contributions with salaries and wages.

Currently, employers are only required to pay their employees’ SG on a quarterly basis. By increasing the payment frequency of superannuation to align with the payment of salary and wages, this will ensure employees have greater visibility over whether their super contributions have been paid.

The Australian Taxation Office (ATO) will also be better enabled to recover unpaid superannuation.

This change will also support better retirement outcomes for all members, especially those in lower paid, casual and insecure work who are more likely to miss out when super is paid less frequently.

For Employers

With a commencement date of 1 July 2026, this will allow the ATO, payroll service providers and superannuation funds time to make necessary system changes and for employers to adjust their cash flow practices.

There will be changes to the design of the SG charge to align with increased payment frequency. The Government will consult with relevant stakeholders on the design of these changes, with the final design to be considered as part of the 2024–25 Budget.

If you need assistance you can contact Calvin Lake, Employer Services Manager.

Things you should know

The information contained in this article is current at the time of its publication.  However, some information may change over time. The content is for general information only and does not constitute personal advice. We recommend that you consult with a suitably qualified person before making any financial decisions. For more information on NESS Super, or before deciding whether to acquire or hold a product, consider if it is appropriate.  See our Financial Services Guide (FSG), the relevant Product Disclosure (PDS) and the Target Market Determination (TMD).

 

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