AC Accounting Services Sydney

PAY DAY SUPER is introduced next financial year

From 1 July 2026 your enployer must pay employees their super guarantee on payday, at the same time as their salary and wages. Currently, employers have to pay super guarantee quarterly (by 28th of Oct for July quarter, 28th of Jan for Dec quarter, 28th of April for March quarter and 28th of July for June quarter).

Pay day super means: employees will be able to monitor their super better. (Instead of quarterly, now we can check it weekly or fortnightly)
Harder on business's cash flow and more admin work (weekly payslip and STP lodgement soon will need to add weekly super batch payment as well)

https://www.abc.net.au/news/2024-03-14/ato-reignites-old-debts-individuals-businesses-struggle/103578746?utm_campaign=abc_news_web&utm_content=link&utm_medium=content_shared&utm_source=abc_news_web

https://amp.theguardian.com/australia-news/2023/nov/27/distress-and-confusion-at-ato-letters-warning-of-on-hold-tax-debts-from-decades-ago

Distress and confusion at ATO letters warning of ‘on-hold’ tax debts that may be decades old Recipients say it is nearly impossible to contest alleged debts, which tax office says will be taken out of future refunds

There may not be a tax offset available anymore but here's the tax cut coming in FY2025.