As an employer, if you haven’t already prepared your business for Payday Super, the clock is ticking. As 1 July is fast approaching, it’s time to act now.
Getting ready for Payday Super means you’ll need to:
- review your payroll systems
- ensure your employee data is accurate
- confirm your software is ready for more frequent payments.
You’ll also need to understand:
- new concepts like ‘qualifying earnings’
- our first-year compliance approach
- what penalties apply for late contributions.
Avoid the risks
If your business is not ready to pay super each payday from 1 July, the risks include:
- Delays in making super payments as they must reach your employees’ super funds within 7 business days after payday. This timeframe is not extended if there's an error or rejected payment.
- Impacts to cash flow from more frequent super payments.
- Increased likelihood of errors and delays from making late changes to payroll systems and processes.
Don't wait! Take steps now to:
- help you meet your obligations
- avoid the super guarantee charge
- benefit your business
- support your employees.
Use our Payday Super resources
Start getting ready today by using our comprehensive, easy-to-use resources:
- Payday Super checklist for employersThis link will download a file
- Key changes to super guarantee factsheetThis link will download a file
- Qualifying earnings factsheetThis link will download a file
- SuperStream changes factsheetThis link will download a file.
For more information and resources including videos and webinars, visit ato.gov.au/PaydaySuper
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