What superannuation changes take effect from 1 July 2023?

A sweeping array of changes to Australia's superannuation regime are on the horizon with some coming into effect from 1 July 2023. It is essential that employers are ready to meet their enhanced obligations under the superannuation regulatory regime. Superannuation funds should also be aware of new investment opportunities arising from the 2023-24 Federal Budget.

The latest superannuation changes include:

• an increase in the superannuation guarantee rate;
  
  
• the imposition of the new payday super measures;
  
  
• increasing the visibility of the Australian Taxation Office (ATO) over unpaid super;
  
  
• enhancing the ATO's unpaid superannuation recovery targets;
  
  
• the reduction of tax concessions for individuals with more than $3 million in super;