If your clients haven’t already prepared for Payday Super, the clock is ticking. 1 July is fast approaching and it’s time for them to act now.
To get ready for Payday Super work with your clients to:
- review their payroll systems
- confirm software is ready for more frequent payments
- transition to an alternative clearing house if they currently use the Small Business Super Clearing House (SBSCH), before it closes on 1 July.
They’ll also need to:
- plan for changes to cash flow impacts from more frequent payments
- understand new concepts such as 'qualifying earnings'
- prepare for first year compliance expectations
- understand the consequences of late or incorrect contributions.
You can ask your clients these questions to see how their preparations are going:
- Have you transitioned away from the SBSCH?
- Is your payroll system ready for more frequent super payments?
- What does Payday Super mean for your cash flow?
Help your employer clients start today by using our comprehensive checklists and resources to guide their preparation. Assisting them to take action now will help ensure their business is ready, compliant and set up for success when the changes occur.
Leaving preparations too late could put pressure on business processes, payroll systems and cash flow. Under the new rules, super contributions must generally reach employees’ funds within 7 business days of each payday, meaning less room for delays or errors.
For more information, as well as access to resources including videos and webinars, visit ato.gov.au/paydaysuper.