Pay Day Superannuation: What You Need to Know Now
About this episode
Linda Dang discusses the upcoming changes to superannuation in Australia and how hospitality businesses can prepare for the new Payday Super model.
The Australian Taxation Office is introducing the biggest shift to superannuation in years, moving from quarterly payments to a "Payday Super" model. Linda Dang, CEO of e.Advisory, joins Phil Di Bella to explain how hospitality businesses must adapt their cash flow and payroll systems before 1 July to avoid daily compounding penalties. WHY LISTEN Understand the Mandate: Learn exactly what Payday Super means for your weekly or fortnightly pay cycles. Avoid Penalties: Discover how the ATO's new penalty regime compounds interest on a daily basis for late payments. System Upgrade: Identify which payroll softwares automate award compliance and super distribution. Cash Flow Strategy: Get practical advice on transitioning your bank balance to handle more frequent outflows. Data Integrity: Understand why the 28-day "buffer" for fixing errors is disappearing. KEY TAKEAWAYS Start Early: Do not wait until 1 July; implement payday super payments now to identify system errors and adjust cash flow expectations. Audit Your Data: Ensure all employee TFNs and super fund details are 100% accurate, as "bad data" is the primary cause of payment failure. Use Modern Payroll: Transition away from…
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