While the federal budget contains numerous measures to ensure workers receive the super to which they are entitled, experts have said it was a missed opportunity to have super paid on the government’s paid parental leave scheme.
As had been flagged, the Albanese government’s second budget confirms employers will be required from July 1, 2026, to pay super at the same time their employees are paid.Luis Enrique Ascui
The budget papers say the government will give the ATO “enhanced unpaid superannuation recovery targets” and will be assessed against these targets.
The budget confirmed the tax paid on the earnings of superannuation balances on the portion that is exceeding $3 million will increase to 30 per cent, from 15 per cent. It will not take effect until July 1, 2025, after the next federal election.Blakey is hopeful the government will see an opportunity to direct the tax savings made from the reduction of tax concessions for super accounts of more than $3 million towards making the super system more equitable for women.
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