Employers will be required to state the amount and expected payment date of superannuation contributions on payslips under reforms contained in a new exposure draft.
This measure, previously announced by the Assistant Treasurer on 21 September 2011, are part of the Stronger Super recommendations. The current rules only require the employer to report the employee's superannuation contribution amount.
As such, the employee has no way of determining when their entitlements will actually be paid to their superannuation fund. The intent of the reform is to improve employer compliance by ensuring employees can check that contributions have been paid on the expected date.
The e-commerce standards for the payment of super contributions originally announced as part of this reform are not contained in the exposure draft but are expected to apply as a second stage to medium to large employers by 1 July 2012 and small employers by 1 July 2015.
The amendments, if enacted, will apply to contributions accrued after 1 July 2012.
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Last updated March 2012. This article is provided for information purposes only and should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.