Payday Super – Coming soon to a place near you
Before we know it Payday super will be upon us, and it’s imperative we are ready.
The facts:
- Commencing 1st July 2026
- Superannuation Guarantee (SG) Contributions must be paid to the employees superannuation fund within 7 business days of the employee’s payday.
- SG will be calculated on “Qualifying Earnings” (QE), a new term that encompasses ordinary times earnings (OTE) and other payments.
- Both QE and SG must be reported to the ATO through Single Touch Payroll (STP).
- ATO Small Business Superannuation Clearing House (SBSCH) will permanently close on the 30th June 2026.
What does this mean for you as an Employer?
Payday Super comes into effect for all, there is no transition period for small business. Within the 2nd half of the 2026 financial year, it’s time to ensure systems are in place for a seamless transition to what is one of the biggest changes in Australia’s superannuation landscape in a very long time. Changes to how businesses manage their cashflow will represent one of the most significant factors in preparation. Businesses will transition from larger quarterly payments, to smaller more frequent payments. This requires careful cash flow forecasting and planning. Payroll System – ensuring your current payroll system is capable of processing and remitting superannuation contributions, timely and accurately. Understanding the new ATO’s new compliance programs – to ensure employers are adhering to the guidelines and new legislation.
How can Herron help you?
Tune in for our Payday superannuation webinar on Tuesday 17th March @ 10am to learn about the changes, and how Herron can assist your business to make sure the transition to Payday super is smooth and stress free.
Register Here
ATO resources: https://www.ato.gov.au/businesses-and-organisations/super-for-employers/payday-super/payday-super-resources
Contact us today to discuss how Payday Super will affect your business and what steps you can take now to stay compliant and avoid penalties.
Wendy Monks
HR Manager and Accounting Support
Mark Herron
Principal