‘Significant’: $124k hit to Aussie businesses
4 Articles
4 Articles
Starting July 1, employers must contribute to employees' superannuation funds along with their wages. This reform aims to make it easier for employees to claim overdue superannuation payments and earn better compound interest. However, businesses warn that the new rule will put pressure on cash flow.
Businesses warned over Payday Super timing risk
SMEs in Australia could face penalties under Payday Super even if employees ultimately receive their full super entitlements. Thomas Linnane, senior tax lawyer at LegalVision, said Payday Super changes the timing of the legal obligation for superannuation contributions. From July 1, employers must make super contributions when they pay salaries or wages. The contributions must reach the employee’s nominated super fund within seven business days…
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