New report calls for clearer guidance, smart tools to help businesses prepare for major shift
More than half of employers across Australia are still unaware of the upcoming Payday Super, according to a new report, despite the major shift to superannuation payments taking effect starting from July.
New findings from Employment Hero revealed a critical knowledge gap among employers on the upcoming Payday Super, highlighting the lack of readiness ahead of its looming implementation.
According to the report, 58% of Australian businesses are not aware of any legislative changes coming into effect this year.
"Despite the scale of the system, awareness of upcoming changes to super remains limited," the report read. "More importantly, even where awareness exists, understanding is thin."
Half of employers who have heard about Payday Super cited the media as their most common source.
"That coverage is helping surface the existence of the change, but it isn't consistently translating what it means in practice, including timing, expectations, and what 'on-time' contributions will look like under the new ATO requirements," the report read.
But the lack of awareness of Payday Super is not rooted in employers' unwillingness to learn, according to Rob Dunn, Employment Hero general manager, superannuation and benefits.
"Businesses need clearer guidance and smarter tools to get ready in time," Dunn said.
"The right payroll and payments solution will not only help businesses stay compliant,...
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