04:05
ISSUE 4
To tackle these issues, payroll leaders should push for clearer guidelines and details from the Government, Treasury, ATO, and industry groups. Leaders should push for detailed technical specifications, a realistic timeline, and a process that ensures that ongoing discussions will help shape superannuation management and prepare employers for the changes Payday Super will bring. Additionally, payroll leaders should plan and act where they can, to make sure their systems and processes are flexible enough to handle the complexities of superannuation management effectively. The role of payroll compliance tools Investing in specialised compliance tools can assist payroll specialists in handling superannuation challenges alongside their existing payroll software. These tools are designed to support regular compliance checks and quickly identify and resolve superannuation discrepancies, ensuring contributions remain accurate and aligned with changing regulations. To address the complexities of superannuation compliance, Yellow Canary has developed an industry-first tool that calculates superannuation guarantee variances and charges, simplifies ATO reporting for SG Charge statements, and supports both historical and ongoing compliance. Designed specifically for Australian legislation, this tool helps add an extra layer for businesses to stay compliant and avoid financial penalties and reputational damage.
Australia’s superannuation system, despite its challenges, is a useful model for other countries aiming to improve financial security for ageing populations. As it also shows the importance of proactive management and ongoing compliance, it will be interesting to see how payroll leaders, modern technology, the Australian government, unions, and superannuation funds address the challenges of Payday Super and the ongoing complexities of superannuation compliance.
Author: Marcus Zeltzer Marcus Zeltzer is co-founder and Managing Director at Yellow Canary , an Australian
automation solution that helps employers manage their payroll and workforce obligations. He is one of Australia’s pre-eminent experts on the future of automation’s role in workforce compliance. Pursuing his passion for solving real-world business problems with technology, Marcus co-founded Yellow Canary to address under-serviced and widespread workforce compliance issues in Australian businesses. Marcus is a member of the Investment Review Council for Blackwattle Investment Partners. He also serves on a working group for the Department of Employment and Workplace Relations, advising on its regulatory technology roadmap for modern awards. Prior to Yellow Canary, Marcus co-founded an employment relations law firm built on automation technology.
Made with FlippingBook - Online magazine maker