Payday Super – just another reason you should be using Specialist SMSF software

You’re right, do we need another reason to be using Specialist SMSF software, there are already so many reasons.

But then I found myself listening to an Actuarial Certificate Provider explain in a webinar that they still had to cater for their 5% of clients using Excel for upcoming Division 296 actuarial certificate requirements.

It got me thinking back to the Australian Taxation Office mailout to firms doing less than 5 audits giving them a nudge that maybe they were best not doing these audits.

Perhaps the Payday Super changes might be the nudge to Accountants who are still using spreadsheets to account for their SMSFs.

Let’s look at why the Payday Super commencing on 1 July 2026 make Specialist SMSF software vital:

Electronic Service Address (ESA)

Specialist SMSF software includes an Electronic Service Address. If you’ve seen this as a nice to have, it really isn’t. Even if your SMSF Clients only have related employers, you should still have an ESA implemented for rollovers and release authorities.

For unrelated employer contributions, it is a requirement to have an ESA from 1 July 2026.

Member Verification Request

Specialist SMSF software automates these requests. Without software to receive these requests, the employer may decide to pay super to a default super fund.

Super Fund Lookup

Specialist SMSF software increases efficiency, helping you lodge on time. Late lodgement can result in the Super Fund Lookup status being changed to Regulation Details Withheld. An employer cannot make contributions to a Fund with this status, meaning super will be paid to a default super fund instead.

Bank Feeds

Specialist SMSF software enables bank data feeds. The feeds can help identify missing contributions. They can also, help identify banks that support the New Payments Platform (NPP) required for Payday super. Chances are if you cannot feed bank data in your Specialist SMSF software, that bank may not be suitable for Payday super contributions. Some SMSFs only have one bank account so it will be important to check if the bank supports NPP so Payday Super requirements can be complied with.

Member Income Allocation

Specialist SMSF software distributes income to members using a daily weighted balance method. Using a spreadsheet at year end to allocate income based on opening balance percentages means members receiving more frequent Payday super contributions (for example, members who are paid weekly versus members who are paid monthly) are not receiving their fair share of income.

Now is the time to help your SMSF Clients be ready for Payday Super. Contact us, if you need help transitioning your SMSF clients to a Specialist SMSF software.

At Keep It Simple Super we have spent over 15 years helping Financial Advisers and Accountant deliver exceptional SMSF services to their clients. Keeping your clients happy and coming back each year is our goal. Book a discovery call with one of our team to see if we can help you create the perfect SMSF service for your business - Click here