The biggest change to Australia’s super system has officially started.
Media: Payday Super is here!
https://tv.ato.gov.au/media/bi9or7orh18o7kExternal Link (Duration: 0:44)
Employers now need to pay super for each payday. How often you need to pay will depend on how often you pay your employees – this could be weekly, fortnightly, or monthly.
It's important super contributions must reach super funds within 7 business days after payday for them to be considered paid on time (unless a longer timeframe applies, such as for new employees).
My top tip is to address any errors quickly. If the fund rejects a payment, I recommend you act quickly to:
- review the error
- correct the details
- resubmit as soon as possible.
Remember, during July you'll have multiple super payments due, including for each payday and the final quarterly that's due 28 July. Keep in mind any payments you make up to 28 July will be applied to the outstanding quarterly amount first. See how payments are allocated through July.
We’re here to support you to understand what you need to do and have a range of resources available to help if you’re still unsure. This includes our new Paying super for employers factsheet, explaining the who, how much and when to pay super.
We understand it may take you a few pay cycles to get it right. Employers trying to do the right thing and pay super on payday won't be the focus of our compliance approach. So, take steps to meet your obligations.
I encourage you to visit Payday Super for the latest information.
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