Not a matter of trust

Accounting bodies, the SMSF Association, the Institute of Certified Bookkeepers, the Australian Bookkeepers Association and the Tax Institute have called for the government to postpone the start date of the proposed payday super regime by at least 1 year, ideally 2.

According to Accountantsdaily: The payment of employer SG contributions is significantly more complicated than the payment of salary and wages directly to an employee’s bank account with PAYG withholding. The complexity arises because the design of the superannuation contribution network involves various intermediaries such as clearing houses, gateways and superannuation funds.

It seems the system won’t work whether you trust your superfund (as discussed below) or not…