Submission – Payday super: exposure draft legislation

Unpaid superannuation affects one-in-four workers across Australia. In 2021-22, $5.1 billion of super went unpaid for 2.8 million Australians, with an average underpayment of $1,800 per worker. Each week, a staggering $100 million of super never reaches workers’ super accounts. This money is owed to them under the law.

SMC strongly supports the rapid passage of the payday super package of reforms.

This submission incorporates feedback from across the profit-to-member super sector in the interests of 11 million everyday Australians. It addresses:
— the commencement date of the payday super reforms
— issues arising from a mismatch between calendar and business days to process contributions
— transitional arrangements
— data validation and the interaction with stapling
— payment system alternatives to the ATO Small Business Clearing House (SBCH), and
— advertising during onboarding.