The proposed payday super regime mandates real-time employer superannuation guarantee (SG) contribution payments, necessitating rapid infrastructure and procedural adaptations. Given the involvement of various intermediaries such as clearing houses and super funds, the transition risks causing substantial disruption if hurried. The industry fears that an abrupt transition could overburden businesses, particularly small enterprises, leading to non-compliance and operational chaos. An inadequately prepared superannuation transmission network could exacerbate uncertainties, impacting employers and employees alike.
The associations have proposed a tiered implementation approach, beginning with larger businesses followed by smaller ones, to mitigate initial challenges. They argue for extending the processing window for SG contributions from seven calendar days to ten business days to accommodate potential delays. CPA Australia’s Richard Webb emphasized the need for a postponement to ensure infrastructure readiness and avoid a compliance crisis. Similarly, CA ANZ's Simon Grant and the Tax Institute’s Julie Abdalla called for adequate time for stakeholders to adapt technologically, stressing the importance of a well-coordinated rollout to prevent unintended consequences of these reforms. The government now faces the pivotal decision of whether to heed these industry's recommendations to ensure a smoother transition.
