Payday Super: How to prepare your business now

What's one of the best ways employers can prepare for payday super right now?

Check your current contribution files for errors, and clean up your employee data before it becomes a problem.

Under the quarterly model, there's usually enough time between a super payment and the next one to identify and fix data issues. Under payday super, that buffer disappears. If an employee's fund details are wrong, their member number is outdated, or their TFN is missing, you'll find out quickly — and you'll need to resolve it within the 7-business-day window.

The most valuable thing you can do right now is audit your existing employee records. Look for:

• Missing or incorrect super fund details
• Employees who haven't completed a Choice of Fund form
• Any contribution files that have previously returned warnings or errors

Fixing these now, while you have time, is far less stressful than fixing them under a live payday super deadline.

Microkeeper and Beam give you the tools to identify and resolve data issues before they become compliance risks. Start your review early.

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Read the full blog on Payday Super Questions Answered

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_{The Q&As is provided by Microkeeper. The information about Beam in the Q&As is provided by Precision Administration Services Pty Ltd (ABN 47 098 977 667, AFSL 246 604) (Precision), issuer of Beam. Microkeeper does not provide advice or a recommendation in relation to Beam or any other clearing house product. The opinions and comments shared by people in this article are theirs alone, and they’re not necessarily shared by Precision.} 

_{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). The information about Beam is general information only. 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 (PDS) before you make any decision about Beam products. For a copy of the Beam Clearing House PDS, contact Microkeeper or visit their website.}