Payday Super
Clients are reminded that Payday super contributions commence from the 1st July 2026.
This will have both administrative and potential cash flow impacts on businesses. Superannuation Guarantee amounts will need to be paid on the actual pay, day rather than quarterly. The payment will need to reach the superfund within 7 calendar days of pay day.
Previously, if super was paid late and an SGC Assessment was made there was a $20 administrative component payable. The draft legislation changes the uplift factor from $20 to 60% of the individual SG shortfall. The 60% can be reduced where a voluntary disclosure of the SG shortfall is made.
The ATO can assess an employer’s SG shortfall using data from voluntary disclosures, SingleTouch Payroll and superfund reporting.
