Payday super is not so simple: Lobbies

As politicians on both sides of the aisle, lobby groups and the media battle it out over the Albanese government's proposed $3 million superannuation tax, there is another super reform around the corner that has many in the industry very worried.

- Eliza Bavin

With payday super reforms legislated to come into effect on 1 July 2026, a collective of industry groups wants to see them delayed by as much as two years.

In a submission to Treasury, Australian Bookkeepers Association, Chartered Accountants Australia and New Zealand, CPA Australia, the Financial Advice Association of Australia, the Institute of Certified Bookkeepers, the Institute of Public Accountants (IPA), the SMSF Association and The Tax Institute outlined the litany of issues they see with the new law.

The joint bodies say the transition could "result in chaos" if the government expects every business to implement the changes by July next year.

The main argument from the group is that while it is all very well and good for the major super funds to call for payday super to be introduced as soon as possible, the reality of meeting those expectations is more complex.

"Everyone understands the 'why' for what we are trying to achieve, which is making sure people's money is working for them sooner than the law currently requires," IPA senior tax advisor Tony Greco told the Financial Standard podcast.