We're clearing up myths about Payday Super and what self-managed super funds (SMSFs) need to do.
Myth: Lodgment obligations or having a suspension on file doesn’t impact the compliance status of my SMSF
Fact: If your SMSF's lodgment obligations are not met or your SMSF has a suspension on file, it may not be treated as 'complying' on the Super Fund Lookup (SFLU) for contribution purposes.
Employers may be advised in their payroll system or clearing house that they cannot contribute to your SMSF, which can result in payments being missed, delayed or redirected to a default fund, and the employer liable for the super guarantee charge (SGC).
Lodge your SMSF annual return by the due date and regularly check your SFLU status to quickly identify any compliance issues. If you have an overdue return, lodge it as soon as possible to reinstate your regulation details and SLFU status to ‘complying’. The sooner you lodge, the sooner we can update your regulation details.
Keep your lodgments up to date and maintain a 'complying' SFLU status to help ensure employers can make contributions to your SMSF and continue to meet their obligations under Payday Super.
Myth: The timeframe to allocate or reject payments has changed for SMSFs
Fact: SMSFs have 28 calendar days after the end of the month in which a contribution is received to allocate or reject it. This hasn't changed under Payday Super.
Where your SMSF receives a super contribution from an unrelated employer, you need to ensure:
- your bank account is reachable by New Payments Platform (NPP) which can be checked with your bank
- you’re registered for, and continue to maintain, an active electronic service address (ESA).
You can find more information and resources on our website at Payday Super.
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