NTAA's submission to Treasury regarding 'Payday Super'

December 2023

We recently made a written submission to Treasury regarding the proposed payday superannuation regime, which is available on our website. In our submission, we urge the Government to make concessions, such as waiving payday super rules for businesses with less than $5 million in turnover, deferring the start date, and/or redefining the payment deadlines. 

As reported in an article in 'Accountants Daily', NTAA spokesperson Andrew Gardiner said the NTAA was concerned that applying payday super to small businesses or closely held entities would hit them unfairly compared with larger employers. 

"The NTAA's submission highlights how important it is that any payday super reform finds an appropriate balance between protecting the legal entitlements of employees of small businesses, and protecting the interests of small business employers", Mr Gardiner said. 

While we agree that this measure would force employers to make superannuation contributions more regularly and enable employees to monitor payments, we also maintain that the 'one-size-fits-all' proposal would disadvantage small businesses.