Is your business ready for Payday Super?
Payday Super Ready : Our office will be trialling Payday Super lodgements from the beginning of June. To help, here’s what you can do to get ready:
Cash Flow Preparations: you will likely have your May monthly super and the 1st pay period super payment scheduled for the first week in June, so please make preparations to ensure sufficient funds are in your account. Similarly moving forward make sure to monitor your accounts to ensure funds are available for wages and super each pay period. We endeavour to have the super processed the day following your wages payment.
Employee details: the significance of complete and accurate employee details has never been higher. We will do our best to contact you asap with any new employee details that are missing. We have implemented a safeguard of ‘no pay’ without sufficient details, as the clock starts running from the first STP lodgement of a staff’s wages. Fine and penalty prevention will take precedence over paying new staff who fail to provide complete, accurate and up-to-date details. Business’ are now liable to ensure that staff details are correct, so we recommend that you do not accept incomplete paperwork and review it before sending through to our office.
Reporting change: You will commence receiving a super report each pay period with your standard reports email. This will substitute for any super receipts or reports you may have been receiving from our office on a monthly or quarterly basis. If you require additional reports, or confirmation receipts of lodgement, please contact our office.
Efficiency / Time Management: We are working in with tighter timeframes & increased workload. We thank you in advance for your understanding during this unique period coinciding with EOFY. Teething problems are to be expected, we shall endeavour to have the super processed the day following your net wages, but may require a 2-3 day turn around as needed. The above points will assist in ensuring we can keep things running as smoothly as possible.
Note: employees maximizing their super to the cap should make consideration of how they will be impacted by the change to the super payment frequency from June.
Let’s navigate this change together, for an efficient 2027 Financial Year! ��
Always feel free to reach out with any questions.
Team at IPS.
