With less than 3 months until Payday Super starts, the window to prepare is rapidly closing.
Employers are relying heavily on super funds to be prepared. So, let’s clear up some common misconceptions.
Myth: “There’s nothing I need to do before the start date.”
Fact: You should be acting now - the clock is ticking!
By now, your fund should have taken steps to receive more frequent contributions and meet shorter processing timeframes. System updates and testing should be underway.
Your fund needs to implement testing for SuperStream Contributions v3.0External Link upgrades. If you’re not already involved in a testing cohort, now is the time to join. We issued letters in December inviting funds to sign up – make sure you’ve responded.
Myth: “Payday Super just means your super fund will receive contributions more often.”
Fact: Payday Super raises expectations on speed, accuracy and responsiveness.
It’s not just about frequency - it’s about how quickly and accurately contributions are allocated or rejected, within a tighter timeframe. Faster allocation and earlier rejection support employers to meet their obligations.
Myth: “Super fund actions don’t impact employer compliance.”
Fact: Your actions directly influence employer outcomes.
You’ll support employer compliance by:
- rejecting incorrect contributions as early as possible (within 3 business days)
- providing clear and timely error messaging
- maintaining high quality reporting for member account attribute service (MAAS) and member account transaction service (MATS)– using consistent Australian business numbers (ABNs), unique superannuation identifiers (USIs) and member account numbers
- keeping member data up to date.
Make sure your fund is on track for the 1 July start date. Funds that act now will be better positioned to manage higher contribution volumes and deliver better outcomes for members.
You can also read our media release which dispels common myths for employers.
Visit ato.gov.au/paydaysuper for all the latest information on Payday Super.
Stay up to date by visiting our Super funds newsroom and subscribingExternal Link to our monthly newsletter and CRT alerts.