New super rules coming for local businesses

Moreton Bay businesses are being urged to prepare for a major change to superannuation, with Payday Super set to begin from 1 July.

Under the new rules, employers will be required to pay compulsory superannuation at the same time wages are paid, replacing the current quarterly payment system. The change applies to businesses of all sizes and industries.

For many local employers, this will mean paying super weekly or fortnightly rather than once every three months. While the super rate itself is not changing, the shift will affect payroll processes and cashflow planning.

The Australian Taxation Office has released new resources to help employers understand the changes and prepare ahead of time. ATO Deputy Commissioner Emma Rosenzweig said the new system would change how businesses manage super payments.

“Payday Super will change when and how employers pay super, so it’s important businesses understand the new requirements ahead of time,” she said.

Businesses currently using the Small Business Superannuation Clearing House will also need to make alternative arrangements before it closes.

With the new system taking effect from the start of the next financial year, business owners are being encouraged to review payroll software and ensure they are ready to make more frequent super payments.

Access the Australian Taxation Office’s official guidance and checklists for employers here.