Greatest Good November 2024 Regulatory Update
Paid parental leave amendment
The Paid Parental Leave Act 2010 and Small Superannuation Accounts Act 1995 legislation have been amended to provide for super contribution for people receiving paid parental leave pay in respect of children born (or regarded as having been born for the purposes of the Act) on or after 1 July 2025. This will ensure that superannuation is paid on parental leave pay.
Payday Super policy details released
Treasury has released draft details in relation to the implementation of the Payday Super regime. The proposed measures seeks to ensure that from 1 July 2026, employees will be required to pay employees super at the same time they pay salary and wages.
Whilst the changes were designed to ensure that employees do the right thing, the ATO estimates that $3.4 billion worth of super went unpaid in the 2019 – 2020 financial year. These underpayments are negatively affecting retirement outcomes for means of Australians. Research supporting the switch shows that more frequent contributions puts employees 1.5% better off at retirement.
ASIC announces new enforcement priorities
ASIC announced its enforcement priorities for 2025, detailing the key areas where it will direct resources and expertise in the 2025 calendar year. The priorities reflect the increased risk consumers are facing that are being driven by cost of living pressures and are aimed at protecting Australian from financial harm, whilst targeting people who try to take advantage of them.
Cheques being phased out
The Federal Government has published its Cheques Transition Plan. It provides a summary of the process that will be taken ahead of cheques being phased out by 2030, including an overview of the consultation process and a 2-stage timeline for stopping the issuance and acceptance of cheques in 2028 and 2029.
New privacy guidance released for charities and other NFPs
The Office of the Australian Information Commissioner (OAIC) has released updated privacy guidance for not-for-profits and charities.
Cyber Security Governance Principles | Version 2
The Australian Institute of Company Directors (AICD) has released an updated version of their Cyber Security Governance Principles, advising th.at it reflects the latest developments and emerging cyber threats since the initial guidance was published in 2022
Disclaimer: This does not purport to be comprehensive or to render legal advice. You should not act based on any information contained in this publication without first obtaining specific professional advice. Consult your legal advisor to determine if this applies to you.
