You may have seen news stories about ‘improvements’ to super starting in 2026. Its not yet law, so don’t get ahead of yourself.
Assuming the bill passes….
From 2026 you will need to pay super on behalf of your employees each time you pay their wages. Payment frequency will change from quarterly to weekly/fortnightly/monthly (or a combination). Payments will be due much sooner than you have been used to.
If you report monthly to the ATO, you’ll need to ldoge and pay your April IAS by Monday 22nd May.
Are you using your super powers to make the world a better place for your team in their retirement?
January – March super contributions need to be in your employees superannuation fund accounts today, what happens if that deadline hasn’t been met?
Penalties. Harsh Penalties. Business Kryptonite.
Be a super hero for your employees and make sure superannuation payments are made on time!
Authorise staff super NOW!
The funds need to arrive and be receipted into employee accounts on or before 28th April to ensure compliance.
Non compliance means the expense is no longer a tax deduction for your business, and you as a director of the firm, become personally liable.
Using our BAS agent extension – the due date is 25th May. However we need our clients to provide all data to us by 30th April so we can review, amend and prepare your March BAS for lodgement by the due date.
If you DIY your BAS lodgements, your due date will be earlier. You really need to act now!
Staff super contributions for wages paid between January and March are due soon.
You’ll need to approve xero super for payment by 20th April to make sure it can fly through cyber space and land in your employees accounts on or before 28th April.
Harsh penalties apply to late payments.
Awards are not changing, however gross wages need to be broken down into the individual components. You need to display all allowances separately from the hourly rate you pay your team. (make sure you’re actually meeting minimum payrates!)
Set some money aside, for monthly lodgers, your February IAS is due on 21st March.
Watch out for late lodgement fines – it could be up to $2,750!
Xero is now ready for you to transition to the new more rigorous reporting requirements. This will not change how much or how often you pay your employees – awards etc are not changing.
Check you’ve got all the info you need before you start pressing buttons
Just realised this a big job?
You can request an deferral to buy a little extra time. (or perhaps like us, you can’t cope with a financial year that chops and changes part way through).
Get your payroll expert to review where you are at, if you’re overwhelmed already.
