Australian businesses spend $56 billion every year on unnecessary administration tasks, while the average business spends 81 working days on administration each year*. For a business owner, that’s a huge amount of time and money on something that isn’t their core business.
After the challenges of 2020, our clients advise that it’s even more important to spend less time on administration and more time rebuilding their core business. So we’ve been providing free Business Super Health Checks to help businesses streamline their administration.
With a Business Super Health Check, we can help your business identify super pain points, simplify onboarding processes, review payroll processes and determine any service needs. This brief, 15-minute discussion could result in hours of weekly savings in payroll and admin processes.
Recently, the Check has also been helping businesses prepare for some potential reforms to default super (announced in the 2020 Federal Budget). The new rules could see your super admin significantly altered come July next year.
From 1 July 2021, the Government intends to ‘staple’ super fund accounts to individual members to avoid the creation of multiple accounts when members move jobs. After this date, any new staff will automatically bring their super fund with them. Default super funds will only be used for new staff who haven’t previously been paid super.
Currently, this reform is just a proposal, and awaits passage through Parliament before becoming law. If it does take effect, Intrust Super’s free Business Super Health Check will be an easy way to make sure your payroll system is prepared for the changes.
If you’d like to arrange a Business Super Health Check to assist your business in the new year, please get in touch. You can find your local Relationship Manager online, or you can email service@intrust.com.au.
*Source: Small Business Digital Taskforce, Report to Government 2018