Blog
by Beam
|13/02/2025
The proposed introduction of payday super is now less than two years away. Due to come into effect from 1 July 2026, payday super will mean employers must pay super contributions for their employees at the same time as they pay salary or wages.
The change to payday super will benefit an estimated 8.9 million Australians and could see employee super balances boosted by around 1.5% by the time they retire.
The Government recently provided a new update on payday super, which confirmed some details like the seven-day Super Guarantee (SG) deadline for payments.
Australian businesses already send 200 million super contributions through super stream each year and this is expected to increase to about 500 million a year once payday super begins.
While increasing payment frequency is the most obvious impact of payday super, employers will also need to think about how they can manage their data and handle errors to support a faster payment process.
Beam offers a simple solution to these questions for employers.
Beam was designed thinking of the most efficient way for an employer to process superannuation. The outcome of this investment is that employers can use Beam to pay super daily now, if they choose to.
Mathew Gilroy, Founder of Beam
Beam integrates into our partners’ payroll systems, allowing us to track and calculate super contributions due as wages are paid. With this information already there, it only takes a few clicks to generate a payment batch, validate it and pay it. With Beam, you can pay as often as you like now, to ease into the transition to payday.
Check out Beam’s software partners to see if your payroll system is already connected.
Beam takes compliance seriously – it’s our job to make it simple to meet your obligations as an employer and that includes payday. We’re certified to international security standards as well as ATO obligations so you can feel confident that the payments you process through Beam are ticking all the boxes.
We’ve also taken proactive steps to make it easier to collect, record and correct the data you’ll need to meet the new deadlines.
We’re working on updates that enable faster contributions, greater visibility, enhanced validations and incorporate super fund choice into our product.
Matthew de Largie, Senior Product Manager
We understand that even with Beam on your side, a transition like payday super is still a big change. We’re working closely with our payroll partners as payday super legislation progresses to make sure they have everything they need to support you in using Beam to meet the demands of payday.
Check out 5 of our top tips for using Beam.
Important information
The opinions and comments shared by people in this article are theirs alone, and they’re not necessarily shared by Precision. It uses information that’s accurate at the time of publishing.
This is general information. It’s not based on the specific objectives, financial situation or needs of your business. So think about those things and read the Product Disclosure Statement before you make any decision about our products. Contact us or your payroll provider for a Product Disclosure Statement (PDS).
Beam is issued by Precision Administration Services Pty Ltd (Precision) (ABN 47 098 977 667, AFSL 246 604). Precision is wholly owned by Australian Retirement Trust Pty Ltd (ABN 88 010 720 840, AFSL 228 975), trustee of Australian Retirement Trust (ABN 60 905 115 063).
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