SMSF members receiving superannuation guarantee (SG) contribution payments from a related-party employer will still need to receive them within the seven-day period under the Payday Super regime, Heffron head of education and content Lyn Formica has stated.
Speaking during a recent technical update, Formica pointed out that while SuperStream rules will continue to operate, the Payday Super system will impose new timeframes on all superannuation funds, including SMSFs.
She gave the example of XYZ Proprietary Limited making contributions to the XYZ Super Fund for Fred.
“Fred is a member of the XYZ Super Fund and is also the owner of XYZ Proprietary Limited, so it’s a related-party employer making contributions into an SMSF,” she said.
“From 1 July 2026, do the contributions for Fred need to be made within seven business days after payday?” she asked as part of an online poll.
“Those of you who said true, you are quite correct, but I understand though for those of you who said false.
“We are currently in a system where we know if we have got a related-party employer who is making a contribution to an SMSF, we don’t need to comply with SuperStream.
“We don’t need to comply with the rule that normally says you have to make your contribution electronically, send the data to the fund at exactly the same time, so the payment and the data is received by the fund on the same day, but that SuperStream rule still exists.
“As such, related-party employers don’t have to make their contributions to an SMSF via SuperStream; that will continue to exist after 1 July, but that is a rule for SuperStream. It’s not a rule for Payday Super.
“Under Payday Super, it does not matter whether you are a related-party employer or not, you have got to make your contributions and get them to the super fund within seven business days after payday.”
Jason Spits
SENIOR JOURNALIST
Jason is a senior journalist with Benchmark Media and writes for the selfmanagedsuper website and magazine and smstrusteenews website. He has covered financial services since 1999 and has written about life insurance, superannuation, investment management and financial advice, in both a freelance and in-house capacity, and also did a brief stint as a media manager for an industry association. He has been the editor of trade titles Money Management and Financial Standard, and was most recently senior journalist with life insurance title Riskinfo.
Articles by Jason