In May 2023 the Australian Government announced the introduction of payday super and proposed it to commence on 1 July 2026. Payday super requires employers to pay their employees superannuation on the same day they pay their salary/wages rather than the current monthly or quarterly cycles. This change has not been passed as law yet, but organisations can start preparing for the change.
The ATO advises the proposed start date provides employers, superannuation funds, payroll providers and other parts of the superannuation system with sufficient time to prepare for the change.
CloudPayroll currently provides a set and forget option for superannuation payments. Once registered, superannuation payments are made on your behalf without you having to do anything. Notifications are sent out when issues occur such as failed debits or returned funds. This limits the chance of missing a payment and potentially having to pay late penalties to the ATO.
CloudPayroll recently updated our superannuation features to include additional reports. Also included now is an easier process to make once-off/out of cycle payment and the ability to set a different payment frequency (e.g. pay day + 1 business day, weekly, fortnightly, or monthly).
For more information, please contact our friendly Sales Team on (02) 9042 2689 or email sales@cloudpayroll.com.au.
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