Faster super payments with the NPP

The New Payments Platform (NPP) allows for super contributions to reach SMSF accounts faster, by 
facilitating new real-time payments between participating financial institutions 24 hours a day. 

The ATO is reminding SMSFs that, under Payday Super, funds receiving contributions from unrelated 
employers will need to be capable of accepting payments through the NPP. Trustees are encouraged 
to review their systems and processes now to ensure they are prepared.

SMSFs should confirm with their financial institution  whether their bank account supports NPP payments 
and understand any conditions or payment processing limitations that may apply. Trustees should also 
consider how incoming and outgoing payments will appear in bank records to ensure contributions can be accurately identified and reconciled.

While NPP payments may include additional transaction information, SMSFs remain responsible for 
maintaining adequate records and ensuring contributions are correctly identified, allocated and 
reported. The ATO notes that contribution allocation rules are unchanged under Payday Super, with SMSFs 
still having up to 28 calendar days after the end of the month in which a contribution is received to allocate or return the contribution.

The ATO also encourages SMSFs to engage with banks, administrators and gateways to understand how NPP payments will operate within existing fund processes and to test payment workflows early to minimise future processing issues