With Payday Super just around the corner, here's my tips to ensure your self-managed super fund (SMSF) is ready for the changes ahead of 1 July.
Start by checking your fund details
Take the time now to check your SMSFs:
- electronic service address (ESA) is active
- bank account information is correct
- ABN and fund records are current
- Super Fund Lookup (SFLU) status is ‘complying’.
Inconsistent or outdated information are some of the most common causes of processing delays.
Review your processes and reporting
Make sure your processes are ready to support the increased volume and frequency of payments. If you receive contributions from unrelated employers ensure you have and maintain an active ESA, and your bank account can receive payments from the New Payments Platform (NPP). Recent changes to the register of SMSF messaging providers may impact your SMSF. Some messaging provider services will no longer operate, check the register to learn more.
Accurate record keeping and reporting also matter. Having the right documentation to meet obligations within required timeframes will help reduce errors and keep your SMSF compliant.
Allow time to test and adjust
Testing activity is underway between May and June, which makes now the right time to assess your readiness. If something needs fixing, don’t leave it until the last minute, you need to allow time to implement and test new arrangements. This includes SuperStream upgrades to support contributions from unrelated employers.
Taking these proactive steps now can prevent disruption later and help your SMSF be ready for day one.
For the latest information and resources, visit Payday Super.
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