Knowledge Hub

Start the new year on top of your super obligations.

Some big changes have been announced in the superannuation industry, is your business ready for the changes to come?

No matter what super obligations you face, Beam has lightened the super workload for employers, so you can start 2024 on top of your super obligations.

Super is now part of the National Employment Standards.

The National Employment Standards (NES) are the minimum standards of employment entitlements that must be provided to employees from their employers. The NES covers all employees in Australia, regardless of award, agreement, or employment contract.

From 1 January 2024, NES will include super contributions as a minimum entitlement.

By including super payments in the NES, employees are now able to take legal action under the Fair Work Act to recover unpaid super¹.

NES entitlements have the same requirements as the Super Guarantee Act, if you meet your Super Guarantee requirements you will also meet your NES super requirements.

You can read more about the National Employment Standards here.

Super continues to be paid quarterly for now.

There are still three more SG periods to pay before the end of the 23/24 financial year.

Quarter Period SG Due date
Q2 – Current 1 October 2023 – 31 December 2023 28 January 2024
Q3 1 January 2024 – 31 March 2024 28 April 2024
Q4 1 April 2024 – 30 June 2024 28 July 2024

Contributions are due quarterly, but did you know you can pay at the same time as your standard pay run?

Paying super at the same time as payroll can not only make your admin easier at the end of the quarter, but it also prepares you for changes to come.

You might be aware, in 2023 the Australian government proposed a big change to when super is paid. Payday Super². Set to begin in 2026, super would be payable at the same time as your normal pay cycle.

Paying super more frequently can benefit your employees. For example, a 25-year-old median income earner would be 1.5% better off at retirement if their super is paid fortnightly.³

With this expected change, employees will be more reliant on their employers to provide more support and assistance around super and their financial well-being, something that both Beam and Australian Retirement Trust can support employers with.

“We know that employers have a lot on their plate – including meeting their super obligations as well as the growing demands from employees regarding their broader financial wellbeing. We also know that financially fit employees are more productive, healthier, and more engaged!

Like Beam, we know that one of the best ways to get people financially secure and retiring well is to support the people paying their super.

We provide tangible and engaging education opportunities to employers and for their employees – aimed at helping grow the financial awareness and wellbeing of employees.”

Joshua Van Gestel, Senior Manager, Strategic Education (Australian Retirement Trust)

You can find more information about how ART can support you in supporting your employees through our employer hub.

Beam, the easy way to pay super.

Ready to make the switch to more frequent super payments? With Beam, you can pay super alongside your regular payroll with ease. In combination with your payroll software, Beam gives you the power to pay super directly from your payroll software, making bulky time-consuming quarterly payments a thing of the past.

Compared to Super Payment Portals (SPPs), Beam is a quick and easy way to pay super. Pay as many times as you like for as many employees as you need, straight from your payroll platform.

Beam has real time error management and upfront data validation

Protect yourself from missed or failed payments with data validation in your payroll system. Beam uses real-time data, incorrect data or payments are caught before they are processed. And once the error is fixed, it’s automatically updated in the system – so it won’t happen again.

Automated admin for faster super payments

Say goodbye to manual file uploads, paying super with Beam is the all-in-one super payment experience. From your payroll platform, you can pay super for all your employees in one payment. Worried you might have missed a payment? Beam streamlines payment tracking and records them in one place for better control over your super obligations.

Find out if your payroll is partnered with Beam here.

Important information:

Beam is issued by Precision Administration Services Pty Ltd (Precision) (ABN 47 098 977 667, AFSL No. 246 604). Precision is wholly owned by Australian Retirement Trust Pty Ltd (ABN 88 010 720 840, AFSL No. 228 975) as trustee for Australian Retirement Trust (ABN 60 905 115 063). You should consider the relevant Product Disclosure Statement (PDS) before deciding to acquire or continue to hold any financial product. We are committed to respecting your privacy. For a copy of the PDS, please contact your payroll software provider. For a copy of our Privacy Policy, please phone 1800 572 154 or go to our website.

 

¹ Action might not be possible if the ATO has already commenced proceedings in relation to that employer.

² Payday Super legislation has not yet been passed into law at time of writing, January 2024

³ Compared to the same individual being paid super quarterly, source: Payday Super announcement, Treasury Minister, 2023