Monday 17 February- Creating Confidence In How People Are Paid
Payroll News: Payday Super?
On Friday 14 March the Australian Treasury department released the draft legislation for Payday Super.??
In accordance with the draft legislation, Payday super is intended to commence from 1 July 2026. The key provisions of the legislation will:?
All interested parties are invited to participate in the consultation process, which will run until Friday 11 April.??
You can read the media release from Assistant Treasurer and Minister for Financial Services, the Hon Stephen Jones MP, here.?
The draft legislation, explanatory materials and statements, and details on how to participate in consultation can be found here.?
Accounting
1 天前It’s how it’s been done in the UK for years.
Co-Founder & CEO - Paytime
3 天前This is going to be a big change for all businesses regardless of size. Besides getting the compliance correct, the biggest pain point is going to be on Cashflow. Many companies that we at Paytime are engaged with are planning (some already have) on changing their current pay cycle to fortnightly (from weekly) or to monthly in arrears, whilst offering their staff Earned Wage Access. This is of course Award dependent. Earned Wage Access offered by Paytime does not trigger a pay event when the user accesses a portion of their earned pay prior to a set payday. It's a win-win scenario, employees get their earned wages in real time by setting their own payday and companies get to reduce their administrative workload, compliance risk, and save on cash flow as Paytime funds the advances during the paycycle, with no change to payroll processes and no extra work for payroll! Ross Heron, Australian Payroll Association