SKY UPDATE | PAYDAY SUPER
In the 2023/24 Federal Budget, the Government announced an intention to require employee superannuation contributions to be paid on payday from the 1st of July 2026.
On the 9th of October the Government released a consultation paper in order to give stakeholders an opportunity to provide feedback on the design and implementation of the new requirements.
Interested parties are encouraged to make a submission by the cut-off date on the 3rd of November.
Meanwhile, the ATO is expanding their use of the additional data collected through the Single Touch Payroll (STP) system in order to identify employers who are failing to meet their obligations.
We take this opportunity to remind employers that there are serious compliance and reputational implications where super contributions are not paid on time.
If you need assistance to understand your businesses super obligations, or to manage the remittance of contributions, please get in touch.
Sky Accountants Ballarat
Phone: 03 5332 8855
Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia
Postal Address: PO Box 2234, Bakery Hill, Victoria 3354
Sky Accountants Gisborne & Macedon Ranges
Phone: 03 5428 1400
Office Address: 45 Hamilton Street, Gisborne, Victoria 3437, Australia
Postal Address: PO Box 270 Gisborne Victoria 3437