What does this mean exactly?
Simply, from 1st July 2026 you will need to pay your superannuation when you pay your wages.
The superfunds have 3 days to process the super, not the 20 days they have now. The issue we foresee is that if things do not match exactly expect the super to be returned to you so the superfunds can make this deadline.
We recommend that you start reducing the super payment timeframe now, change from quarterly to monthly for example so you can be prepared for how this will affect cashflow. It would be a good time to prepare a cashflow analysis to see how this impacts. If you need some help with this, contact us.
Xero has already commenced making changes so that payment of superannuation through Xero is simpler.
The Australian Taxation Office Superannuation Clearing House is closing before this PayDay super legislation starts in July. If your payroll software does not have a clearing house attached you will need to sign up with a fund clearing house to pay your super.
Find the Australian Taxation Office video regarding payday super Payday Super here