Payday Super made simpler with SuperStream

SuperStream is being upgraded for Payday Super, so you can make payments faster and more frequently.

SuperStream is the way that employers pay contributions, including superannuation guarantee (SG), for their employees. It requires you to provide payment and related data to super funds, including self-managed super funds, electronically in a standard format.

Most employers already use a SuperStream-compliant payroll or clearing house service to send super payments and employee details electronically to super funds. This ensures contributions can be matched and processed correctly. If they don’t match, payments can be delayed or rejected.

With less than seven weeks until Payday Super starts, it’s important to check your current setup still meets SuperStream standards.

What’s changing?

Under Payday Super, super contributions must generally be received by the super fund within 7 business days after each payday. SuperStream upgrades will help reduce errors, speed up payments and flag issues earlier – making it easier for you to meet your obligations. This includes:

• Faster payments through the New Payments Platform (NPP) allows almost real time payments, helping super reach funds sooner.
• Member Verification Request (MVR) for new employees, you can check before you pay that the super fund can accept the contribution.
• Clearer error messages if a payment can’t be processed, error messages will be clearer and more specific about the action you need to take.

Why good record keeping matters

SuperStream relies on correct employee, fund and payment details to work smoothly, so keeping accurate records is critical.

Good records provide clear visibility of payment status, error messages and contribution history and make it easier to fix errors within Payday Super timeframes. It also shows you’ve taken reasonable steps to meet your obligations.

Choosing the right payroll for your business

Not all payroll products will roll out all SuperStream upgrades at the same time or will be providing all of these upgrades directly within their software.

A payroll provider that supports NPP, MVR and clearer error messaging can make Payday Super simpler for you and reduce the risk of errors.

Check how your payroll software will:

• support MVR
• allow faster payments through NPP
• show where error messages will appear if a payment is rejected.

Knowing this will make your transition to Payday Super smoother.

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Source: ATO