Chartered Accountants ANZ (CA ANZ) has called for a two-year delay to the implementation of payday superannuation reforms, warning businesses are not prepared for the changes.
CA ANZ supports the new payday superannuation policy which requires employers to pay an employee's superannuation on the same day as their salary, rather than quarterly.
However, it said it is critical that businesses are given more time to prepare, because super payments require additional steps making them more complicated than salary and wages.
CA ANZ has made the call in a joint submission with other peak bodies representing Australia's tax profession, superannuation sector and financial advisers.
"Payday super is a significant reform that we support in principle, but we need to get the balance right," said CA ANZ Group Executive Advocacy and International Development Simon Grant.
"Our joint submission puts forward 22 recommendations to the Government, but our chief concern is that employers, payroll systems providers, super funds and other important stakeholders need time to make the technology changes and improvements.
"That's why we're calling for a two-year delay to the implementation date to ensure we don't see unintended consequences occur as a result of rushing these important reforms," said Mr Grant.
The joint bodies for the submission are the Australian Bookkeepers Association, Chartered Accountants Australia and New Zealand, CPA Australia, the Financial Advice Association of Australia, the Institute of Certified Bookkeepers, the Institute of Public Accountants, the SMSF Association and The Tax Institute.
*Full submission is attached*
