There’s less than 7 weeks left before Payday Super begins.
Enhancements to SuperStream support employers when they pay superannuation more frequently, by making the process easier, faster and more reliable.
What is SuperStream?
SuperStream is the way employers pay their employees' super contributions. It links super payments and employee information electronically so contributions can be processed securely and efficiently by super funds.
Key upgrades
The SuperStream upgrades are designed to make the super contributions process faster and more efficient and allow employers to correct mistakes when they happen.
Member verification request (MVR)
MVR is an exciting new feature which allows an employer to check whether an employee’s super fund can accept a contribution before an employer makes the payment. This will significantly reduce common errors and rejected payments.
Faster payments through the New Payments Platform (NPP)
NPP, commonly known as OSKO, allows almost real-time payments, helping super reach funds sooner. This reduces the timing risk and gives employers more confidence that payments will be received within the required timeframes.
Clearer error messages
If a payment can’t be processed, error messages will be clearer and more specific, making it easier for employers to fix issues quickly and keep payments on track.
Faster processing by super funds
Super funds will need to identify and return payments more quickly, so problems are flagged sooner and can be resolved quickly.
Supporting your employer clients
You can support your employer clients by encouraging them to act now and:
- engage in early conversations with their digital service providers and clearing house to ensure their products will support the SuperStream upgrades
- review their payroll processes and data quality
- understand how more frequent super payments will affect their cash flow and compliance.
Our website has practical information on the SuperStream changes and other Payday Super resources.