EOFY Checklist and Payday Super

With 30 June approaching, and only 2 weeks until 30 June.

We recap the final "to-do" list:

EOFY Actions to Finalise

Before year end, the following items should be reviewed and completed where applicable:

Prepayments

Where cash flow allows, eligible expenses such as rent and insurance may be considered for prepayment to bring forward deductions into the current financial year.

Bad debts

Outstanding receivables should be reviewed and any amounts considered uncollectible must be formally written off in the accounting records before 30 June.

Trust distributions

For trust structures, distribution resolutions and minutes should be prepared and signed by 30 June.

Payday Super Commencement

From 1 July 2026, the superannuation guarantee system moves from quarterly payments to Payday Super. Super will generally be required to be paid at the same time as wages, with contributions typically required to reach employees’ super funds within seven business days of payday.

This applies to earnings paid from 1 July 2026, regardless of when the work was performed.

Final Quarter Super

The quarter ending 30 June 2026 remains subject to the existing quarterly super rules.

Employers are required to ensure superannuation based on ordinary time earnings is paid in full and received by the relevant fund by 28 July 2026.

Payments received on or after 29 July will be treated under Payday Super rules rather than the June quarter. Where the 28 July deadline is missed, a Super Guarantee Charge (SGC) statement will be required, and penalties may apply. The late payment offset does not apply to this final quarter.

Transition Considerations

There is a short overlap period during the changeover. Contributions received on or before 28 July will first be applied to the June quarter obligation. Any excess will then be allocated to Payday Super obligations once the prior period is satisfied.

Businesses that meet both obligations and key deadlines will transition into the new system without additional penalty exposure.

Preparing for the New Cycle

The next two weeks provide an opportunity to complete EOFY requirements, confirm trust and payroll obligations, and ensure systems are ready for real-time super processing from 1 July.

Speak With Our Team

If EOFY planning or the transition to Payday Super is affecting your business operations, now is the time to seek advice.

We can assist with your year-end strategy, compliance requirements, and the practical steps needed to ensure a smooth transition into the new payroll framework.