We’re on the final countdown to 1 July and one of the biggest changes to Australia’s super system in decades.
Over the coming days funds should focus on making sure all systems are set up to:
- receive more frequent super contributions
- support the updated SuperStream standard
- meet the new 3 business day allocation and return requirements
- receive and reconcile fast payments made via the New Payments Platform (NPP).
Getting your systems ready
The testing process for better error messaging is now finished and all funds should be sending error responses in accordance with the updated descriptions.
You should be getting ready for message implementation guide (MIG) v3 testing, which includes member verification requests (MVRs).
Those funds that have already completed all required testing should ensure your systems are ready to receive and process any MVRs as digital service providers begin rolling out this functionality to their employer clients.
You should review your timeline and prioritise what remains to ensure you’re ready for 1 July.
Communicating your readiness
Employers need to understand what’s changing, what information is required, and how funds will resolve issues.
With the Small Business Superannuation Clearing House (SBSCH) closing permanently on 1 July, you may also receive employer enquiries seeking guidance as we continue to encourage them to transition to a new clearing house or payroll solution.
Visit ato.gov.au/PaydaySuper for the latest information and resources on Payday Super.
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