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Pay Day Super will impact your cashflow – find out how
Employers currently transfer superannuation payments (“pay super”) for their employees (and other eligible workers) every quarter, regardless of when they pay employee wages and entitlements.
From 1 July, an employer must pay employees’ super contributions into their nominated superannuation fund at the same time as they pay their employees’ wages – i.e. on their pay day. Funds must reach employees’ accounts within seven days.
Impact on employers
This change will impact employer cashflow as it moves payments from quarterly to match the payroll cycle (weekly, fortnightly, etc.), aiming to get money to employees faster. It also involves new rules for calculating and reporting contributions. Employers need to adjust payroll systems and processes to comply, with the ATO overseeing implementation.
You will need to make the following adjustments:
- Have money on hand to pay super contributions on pay day. You will now pay superannuation earlier and more frequently than you are used to. This will likely impact your cashflow as you can no longer hang on to those payments until the end of the quarter.
- You will need to update your employee payment processes and your accounting software - if you have an accountant, bookkeeper or other financial adviser talk to them as soon as you can.
- If you currently use the ATO’s free Small Business Superannuation Clearing House, you will have to find another option as that is closing.
Take notice, if you get it wrong the penalties are steep - up to 60 per cent of the shortfall, plus daily interest. For more details, visit the Fair Work Ombudsman website.
To find out more, contact HIA's Contracts and Compliance team
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