Payday Super has started for July and beyond,so we won’t needs to post this ever again!
However, any remaining April – June super contributions must be received by 28th July.
Payments should be authorised no later than 17th July as it can take several days to process.
Severe penalties will apply for late payments.
There are a few changes kicking off in July to keep you on your toes,
don’t worry – we’re here to help.
It’s Superman Day, and while we aren’t leaping over skyscrapers (OH&S), we are busy making sure your business is faster than a speeding bullet for Payday Super.
Need Clark Kent reliability and Superman results? Our capes are freshly pressed and ready to go!
We will continue to do the doing for our clients, this is just a quick heads-up on the two main costume changes.
Payday Super laws have officially passed, and the countdown to 1 July 2026 is on. You will need to pay super at the same time as you pay wages. It must leap tall buildings and land in the employee’s fund within 7 business days.
We’ve put our undies on the outside of our tights, and we’ve got your back on these big changes.
What’s Changing?
– Increased Frequency: Depending on your pay cycles, your reporting frequency will shift from quarterly to weekly, fortnightly, or monthly. You’ll be in the phone booth a lot more often.
– New Calculations: ‘Qualifying Earnings’ will replace ‘Ordinary Time Earnings’ (OTE) as the base for calculating the 12% contribution.
– Cashflow Impact: If you don’t start your run-up now, you could end up paying April, May, June, and July all within a single month. That would be villainous for your cashflow.
Don’t wait for the 2026 deadline to activate your superpowers – start easing into the phone booth now to avoid a mid-2026 crunch.
Need a sidekick to make you look good? Ask us to give you a hand.
Now that the school holidays are over, it’s the perfect time to ensure your staff leave balances are accurate and up to date.
Whether you’re checking for cashflow purposes or already looking ahead to the ski season, having the right numbers matter (and help keep Fairwork off your case) – so if your team took time off recently, let us know and we’ll handle the updates for you!
January-March super contributions must be received (by fund) by 28th April.
Payments should be authorised right now as it can take several days to process.
Late payments of superannuation are not tax deductible and attract interest, fines & additional paperwork.
Directors also become personally liable for the debt.
Authorise payments from Xero no later than 2pm on Friday.
All January – March super contributions must be received (by fund) by 28th April, regardless if you pay monthly or quarterly.
Severe penalties will apply for late payments.
Approve payment by Friday 17th at the absolute latest.
As a small business owner you might be looking forward to a few days off to take a little break and eat too much chocolate.
As an employer you might be a bit less keen to pay your team when they are not working.
Remember: ‘Employees (except casual employees) who normally work on the day a public holiday falls will be paid their base pay rate for the ordinary hours they would have worked if they had not been away because of the public holiday. An employee’s roster can’t be changed to deliberately avoid this payment. An employee doesn’t get paid for a public holiday if they don’t normally work on the day that the public holiday falls.’ says Fairwork
Part time staff need to be paid for their normal work days, if you ask them to come in on an extra day to get everything done, you need to pay them extra – no swapsies!
Are you aware what might trigger this extra tax for your business and just how costly it could be?
What is a fringe benefit?
A fringe benefit is like a payment to an employee, but in a different form to salary or wages.
To work out how much FBT to pay, you ‘gross-up’ the taxable value of the benefits you’ve provided. This is equivalent to the gross income your employees would have to earn, at the highest marginal tax rate (including the Medicare levy), to buy the benefits themselves.
FBT can be quite costly, that employee gift might cost you a lot more than you anticipated or budgeted for!
Not sure if you might be caught out by this extra tax? Speak to your tax agent about your situation and what exemptions might apply. They may also assist you to make smarter decisions to avoid future lodgements and liabilities.
Employee Appreciation Day is tomorrow.
Want to say ‘thank you’ without inviting the ATO to the party?
Handle the ‘fun tax’ (FBT) like a pro.
Keep your gift under $300 (including GST) per person. For the best tax outcome, stick to Non-Entertainment gifts like a hamper or a gift card. You get the deduction, they get the prize!
And don’t forget the non-cash options
What are you planning for your team this year?
