Repeal day bill winds back superannuation payslip reporting

Share this article:

Superannuation payslip reporting has been wound back with the passage of the Treasury Legislation Amendment (Repeal Day) Bill 2014.

This Act removes the power to make regulations, which were meant to move superannuation payslip reporting from accrued to paid.

Under regulation 3.46 of the Fair Work Regulations 2009 employers are required to include on payslips either:

  • (a)  the amount of each contribution that the employer made during the period to which the pay slip relates, and the name, or the name and number, of any fund to which the contribution was made; or
  • (b)  the amounts of contributions that the employer is liable to make in relation to the period to which the pay slip relates, and the name, or the name and number, of any fund to which the contributions will be made.

Most employers choose to only report the amount accrued, not the amount paid.

However in September 2011 the then Minister for Financial Services & Superannuation, Bill Shorten, announced:

The Government will ensure workers get better information about when their superannuation is being paid. Employers will disclose on payslips when contributions are due to be paid. This will provide an early warning if superannuation entitlements aren’t being paid.

The Tax and Superannuation Laws Amendment (2012 Measures No. 1) Bill 2012, inserted into the SIS Act the power to make regulations proscribing information required to be reported in payslips.

These regulations were meant to include a requirement to report the amount of superannuation contributions and the date by which the employer expected to make the contribution, however the regulations weren’t made.

The Repeal Day bill removes the power to make the regulations from the SIS Act.

The Australian Institute of Superannuation Trustees (AIST) had argued that the superannuation payslip reporting regulations power should be retained.

In response to the passage of the bill the Assistant Treasurer, Josh Frydenberg, said “the Government is getting on with the job of cutting red tape and regulation.”

He said the bill “repeals duplicative payslip reporting provisions in superannuation legislation that were introduced by Labor, but never made operative. Under the Fair Work Act, employers are already required to report details of employee superannuation entitlements that accrued during a particular pay period on an employee’s payslip.”

Want to be kept up-to-date with SMSF and Superannuation changes – why not subscribe to our Newsletter?

This article, as with all content on this site, is for informational purposes only, and is not legal, financial, tax or other advice. Please read our Terms and Conditions of Use.

Share this article:

Leave a Reply

Your email address will not be published. Required fields are marked *