Receiving contributions
Self-managed super funds (SMSFs) must comply with all Payday Super and SuperStreamExternal Link changes.
If your SMSF receives super contributions from an unrelated employer, you must ensure:
- your SMSF bank account can be reached using the New Payments Platform – you can check this with your bank
- your SMSF is registered for and continues to maintain an active electronic service address.
If your SMSF is not up to date with its administration and reporting requirements, it may not be able to receive contributions.
Employers can use Super Fund LookupExternal Link to check that an SMSF is able to receive contributions.
Timeframe to allocate or reject contributions
SMSFs have 28 calendar days after the end of the month in which a contribution is received to allocate or reject it. This has not changed under Payday Super.
Maintaining an active electronic service address
An electronic service address is how an SMSF receives SuperStream contribution messages. This is usually done through an administrator or messaging provider.
With the SuperStream upgrades supporting Payday Super, employers can send a member verification request to an SMSF. This enables the employer to confirm the SMSF's electronic service address is active before they make a contribution. An electronic service address will not be active if it is not registered or correctly maintained.
If an electronic service address is not active:
- the contribution will be delayed or rejected
- the employer may be liable for the super guarantee charge if the contribution doesn't reach the SMSF in full within the required time. To avoid this, the employer can request details of the employee's stapled super fund from us and pay the contribution to that fund, or (if there is no stapled super fund) pay the contribution to the employer's default fund.
Closely held SMSFs and related parties
Super guarantee contributions to closely held SMSFs must be made for each payday. However, there is no requirement for these to be made using SuperStream as they are excepted contributions.
These contributions must be reported through Single Touch Payroll (STP). STP reporting concessions have not changed.