The tax office said it has seen some common errors, such as incorrect details, which have increased the possibility that a super fund will reject the payment.
“When super funds return payments to us due to incorrect details, we must manually intervene and contact the employer to request they correct the information,” the ATO said.
“If the employer updates the information within seven days, we send the details to the relevant fund with the payment.
“If the employer does not respond to our request to update the information within seven days, we will refund the rejected payment back to them.”
Accordingly, accountants have been urged to advise their employer clients to ensure that they select the correct super fund Unique Superannuation Identifier (USI), commonly known as a super fund product.
They should also use alpha numeric characters only, not symbols like ‘&,’ when entering a fund name; check the super fund account number is correct; and ensure the ABN, bank account and Electronic Service Address for Self-Managed Super Fund (SMSF) are correct.
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