More than 14 million Australians are set to be impacted by a major change to superannuation rules, despite the majority of workers being unaware of the news.
From July 1, businesses must pay superannuation at the same time as wages, rather than quarterly.
The money is required to hit the employee's superannuation fund within seven business days.
According to research from HR platform Employment Hero, 80 per cent of employees and 58 per cent of Australian businesses are unaware of the change.
'Therefore they haven't started to change their process to get ready,' Employment Hero superannuation general manager, Rob Dunn, said.
'So anyone who's using that platform should be looking to make sure that they're ready to change to modern embedded solutions.'
Mr Dunn also said the rule was good news for super balances as the earlier the money hits the fund, the more time it has to grow.
'Payday super is one of the most positive reforms for working Australians in decades,' he said. 'More frequent contributions mean better visibility, fewer lost accounts and ultimately healthier retirement balances.'
From July 1, businesses must pay superannuation at the same time as wages
The change is expected to impact more than 14 million Australian workers
It comes as the broader system is also preparing for regulatory tightening.
Treasurer Jim Chalmers is expected to outline this week new best‑practice obligations and more stringent reporting rules for superannuation trustees.
Australians seeking to locate missing savings can check for lost accounts via ATO online services through myGov or by using the lost super search line.
Across the country, the ATO has reunited 360,000 Australians with their missing retirement balances in the past seven months, unlocking a combined $600million in unclaimed super.
