The amount that you have to pay won’t change, generally 12% of your employees Ordinary Times Payable.
However, the date that you will be required to pay will change.
Now superannuation is typically payable on a quarterly basis by the 28th of the following month. For example, March Super will need to received by the super fund by 28th April.
With the introduction of Payday super currently scheduled for 1 July 2026 there will be significant impact on businesses cash flow.
There will also be added strain on businesses administration functions with super being required to be paid on a weekly basis should your employees be paid weekly.
Compliance risk will also increase due to the strict timelines and number of transactions required.
McNamara & Company - Chartered Accountants, located minutes from the Melbourne CBD
www.mcnamaraandco.au/contact-us
Phone +61 3 9428 1062
Email admin@mcnamaraandco.au
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