WITH Payday Super due to begin on July 1, NAB is urging businesses to prepare for changes that will require superannuation to be paid at the same time as wages rather than quarterly. The change does not increase super contributions but brings forward when payments must be made, potentially affecting cash flow, particularly for businesses with weekly or fortnightly payrolls. NAB says early planning can help businesses avoid financial pressure by forecasting cash flow more regularly and setting aside funds sooner. Known as Payday Super, the reform aims to ensure employees receive superannuation contributions sooner and more consistently. Industries such as hospitality, manufacturing and transport, where labour costs are high and payroll cycles are frequent, are expected to feel the greatest impact.
BUSINESSES URGED TO PREPARE FOR SUPER CHANGES
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Michael Walls
michael@accessnews.com.au
0407 783 413