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Employer News - May 2023

The End of Financial Year (EOFY) is approaching—here are some important dates for you to keep in mind.

23 May 2023

Last payday of the financial year

This will be Thursday, 22 June.

At this busy time of year we need to ensure contributions are allocated before 30 June.

It’s important that our members’ contributions are received in the correct financial year so their contribution caps for tax purposes aren’t impacted.

To help processing go smoothly, we encourage you to submit your contributions as early as possible.

Early cut-off dates for benefit applications

We have early cut-off dates for commencing new pension payments. These will impact any employees who are claiming their CSS or PSS benefit in June.

Cut-off dates:

  • For applications processed between 10 June and 14 June 2023 (inclusive) the first pension payday will be 29 June 2023.
  • For applications processed between 15 June and 7 July 2023 (inclusive) the first pension payday will be 13 July 2023.

Cut-off dates for pension payments after this period will revert back to normal, meaning the cut-off will be the Friday before the pension payday—pension paydays run on the opposite Thursdays to regular paydays.

Benefit applications usually take 10-15 business days to process from the time we receive all necessary information.

What do you need to do about contributions?

For PSSap, we’re asking that all contributions for the final payday (22 June, 2023) are submitted by no later than Friday, 23 June, 2023. We’ll be able to allocate these contributions in time for EOFY as long as they reconcile with the data, so it’s important that your data is error free.

PSSap customers are encouraged to submit any personal member contributions before 22 June, 2023 to allow enough time for payments to make their way through the banking system and be allocated to accounts prior to 30 June.

For CSS and PSS, contributions can be processed as normal. Please keep a close eye on our website for the 2023/24 Employer Productivity Superannuation Contribution (EPSC) rates, as you’ll need them for the first payday in the new financial year.