Consultation paper on Securing Australians' Superannuation (Payday Super) Budget 2023-24

In October 2023, Treasury released a consultation paper on Securing Australians’ Superannuation Budget 2023-24 (Payday Super) which sought input from industry and stakeholders on the policy and legislative design of the framework for payday superannuation. 

As announced in the 2023-24 Budget, it’s proposed that employers will be required to pay their employees’ superannuation guarantee entitlements on the same day that they pay salary or wages.

In response, BDO has prepared a submission detailing comments and suggestions focussing on ensuring employers are not held responsible for circumstances they cannot control, reasonable timeframes for reconciliation, operating the Payday Super Regime via payroll function and changes to the superannuation guarantee charge components.

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