Final countdown to Payday Super!

Payday Super is almost here. It starts on 1 July, which is less than four weeks away. Among other things, your business needs to:

 if you’re still using the Small Business Superannuation Clearing House (SBSCH), transition to an alternative provider;

 set up a process to quickly correct any errors with super contributions so the super fund receives the contribution within 7 business days after payday;

 understand the new concept ‘qualifying earnings’ (QE).

Avoid the super guarantee charge (SGC) by paying your eligible employees’ super in full, on time and to the correct fund. For Payday Super, this means contributions need to be received by, and can be allocated by, the super funds within 7 business days after payday (unless longer applies). Pay super on payday as you need to allow time for payment processing and any corrections to be made.