Payday Super – Everything You Need to Know with Laura Elkaslassy

Hello and welcome to episode 328 of The People Powered Business Podcast.

Are you hearing about Payday Super everywhere right now and wondering what it actually means for your business?

If managing payroll already feels like one more thing on a never-ending list of jobs, the thought of another compliance change might have you feeling like you're putting out fires before they've even started.

I keep seeing business owners feeling overwhelmed by this change because, while we've known it was coming for some time, many people still aren't sure what practical steps they need to take. That's exactly why I invited accountant and business coach Laura Elkaslassy onto the podcast. There is a lot of noise around Payday Super, but what small business owners really need is clear, practical information about what's changing, what they need to do now, and how to avoid getting caught out.

Laura Elkaslassy is a Director at Think Big Financial Group. She is also a Profit First Professional, Cash Flow Specialist, Money Strategist and SAPEPAA Certified Adviser. Laura’s mission is to ensure entrepreneurs and small business owners understand what is happening in their business for two powerful reasons. So that they can pay themselves, build a sustainable business, and make a profit. So simple, so important, and yet so often overlooked.

As a Profit Pioneer, she thrives on guiding and teaching business owners to implement innovative, practical and outcome driven strategies that are at the forefront of money management and growth initiatives for business.

Laura breaks down exactly how Payday Super will work, what the new payment timeframes mean, and why getting your systems sorted now is so important. We also talk about the potential impact on cashflow, the challenges for businesses that pay staff weekly or fortnightly, and the role your bookkeeper can play in helping you get prepared.

One of the most valuable insights from this conversation is that while the change may feel like an added burden, it could actually create better cashflow habits and reduce the risk of large quarterly super bills catching businesses off guard. If you've been meaning to get your head around Payday Super but haven't quite found the time, this conversation will help you understand exactly what you need to focus on before the changes take effect.

In this episode we cover:

• What Payday Super is and how it changes the way superannuation must be paid
• The new seven-day payment requirement and what business owners need to know
• Why accurate payroll systems and employee super details matter more than ever
• The cashflow challenges businesses may face during the transition period
• How bookkeepers, BAS agents and payroll experts can help you prepare

 To connect with Laura:

• Book a discovery call: https://thinkbig.as.me/discoverycall 
• Contact Them: https://www.thinkbigfg.com.au/contact/ 
• Think Big Financial Group Payday Super Blogs: https://www.thinkbigfg.com.au/blog/ 

 To connect with Kristy-Lee:

• DM me on Instagram @kristy.lee.billett
• Connect with me on LinkedIn: https://www.linkedin.com/in/kristyleebillett/ 
• Email me at [email protected]
• Book a 15-minute clarity call: https://calendly.com/kristyleebillett/chat 

What this episode covers

Payday Super is one of the biggest payroll compliance changes facing Australian small businesses, yet many business owners are still unclear about what it means in practice. This episode explains the new requirements, the impact on payroll processes and cashflow, and the steps businesses can take now to prepare for the transition with confidence.

Key insight from this episode

The biggest challenge with Payday Super is not necessarily the new payment requirement itself, but ensuring systems, processes and cashflow are set up to support it. Businesses that build super payments into their regular payroll process are likely to find compliance easier and reduce the risk of penalties and missed obligations.

What you'll take away

• Understand how the new Payday Super requirements change employer obligations
• Identify potential risks in current payroll and superannuation processes
• Recognise the cashflow impacts that may arise during the transition period
• Know who to speak to for practical support and implementation advice
• Learn simple ways to build super payments into existing payroll workflows