“Time is running out to get Payday ready,” Brighter Super urges
Superannuation fund Brighter Super is encouraging business owners to prepare now for Payday Super, ahead of the new laws taking effect from 1 July, which will require employers to pay super at the same time as wages, every pay cycle.
As part of Queensland Small Business Month, Brighter Super will host a free 'Get Ready for Payday Super' webinar on Thursday 7 May, featuring well-known finance commentator and Brighter Super retirement advocate David Koch.
Brighter Super Chief Operating Officer James Gyton said the Payday Super deadline is fast approaching and urged businesses to take advantage of the free webinar to understand what’s changing and how to prepare.
"Payday Super represents a major shift in how and when superannuation is paid. With less than two months until the deadline, businesses that haven't started preparing risk falling behind on payments when the laws take effect.
"It’s important businesses understand their obligations, as those that don’t comply with the new Payday Super legislation by 1 July may face the Super Guarantee Charge - a non-tax-deductible penalty imposed by the ATO,” he said.
Under the new rules, super funds must receive contributions within seven business days of each payday. For businesses currently paying super quarterly, the move to per-cycle payments also means tighter cash flow planning will be essential.
The webinar is part of Brighter Super's participation in Queensland Small Business Month, the state government's annual initiative to support and celebrate Queensland's more than 500,000 small businesses, which employ more than one million Queenslanders.
Mr Gyton said this year's Small Business Month theme, Future Ready, focuses on helping small businesses adapt to the changes and build confidence for what’s ahead - making Payday Super readiness a critical topic.
"This is a big change for small businesses because, unlike large companies, they don't have dedicated compliance or HR teams - the owner is often doing everything themselves,” he said.
“Our focus is on providing clear, practical guidance so businesses know exactly what to do and when.
The webinar will walk employers through exactly what's changing, what actions they need to take before 1 July, and how Brighter Super can support a smooth transition”.
Further information about Payday Super, including an employer checklist and factsheet, is available at brightersuper.com.au/payday
Webinar details
Date: Thursday 7 May
Time: 1 pm to 1.40 pm
Who should attend: Small business owners, HR and Payroll teams
Cost: FREE
Register now: https://cloud.email.lgiasuper.com.au/events?cid=701Ol00000bywbiIAA
