Further to our recent Guide to Payday Super, on the 18th September 2024, Treasury released the Payday Super factsheet (treasury.gov.au) outlining the intended policy design features. Employers will be required to pay super at the same time as payday and ensure that “contributions are received by their employees’ superannuation fund within 7 calendar days of payday.”

This 7 day deadline emphasises the need for employers to have accurate and complete data about their employees so contributions can be processed seamlessly and efficiently. Getting the data right up front, has never been more important.

In this article, we explore some of the drivers for errors within the system today, taken from a sample of Superannuation Transaction Network (STN) transactions. We unpack areas for potential change to better understand the impact to contributions within the ecosystem and where the focus needs to be over the coming months.

Click the link below to view Payday Super – Getting the Data Right.

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