Payday Super - Legislation has passed!

Payday Super is the most significant shake-up to superannuation in more than 30 years.

Payday Super legislation has just passed, and you need to understand all the items below before 1 July 2026.

• What is Payday Super.

• Why is it being introduced.

• What types of Super payments are covered under the Payday Super Legislation.

• What’s changing when it comes to the timing of super payments.

• Key dates for implementation and on-going operation of Payday Super.

• How employers may still be liable for penalties even if they have made their super payments on time.

• What concessions exist for employers.

• How the Superannuation Guarantee Charge (SGC) calculation is changing.

• How the closure of the Small Business Superannuation Clearing House (SBSCH) will impact over 200,000 employers currently using the system.

• How Single Touch Payroll will be updated to cater for Payday Super reporting.

• How out of cycle payroll payments are treated.

• Key components of the Payday Super Legislation and how it will impact your clients.

• What is currently included in the Draft ATO Payday Super PCG (Practical Compliance Guideline).

• The new term “Qualified Earnings” (QE) and how it differs from “Ordinary Time Earnings” (OTE).

• What changes payroll software vendors will need to make to software by 1 July.

• The ATO compliance approach for the first 12 months of Payday Super.

• How you can commence advising and preparing clients on the introduction and impact of Payday Super on their business.

Source: Wolters Kluwer