Important information – If you have a superannuation account and you don't enter one of the contribution codes in the EFT description field, then the SG contribution code will be used which attracts a 15% tax. Only one contribution code can be used per direct credit payment.For managed funds, no description is required.
Note: All employers must pay their employees' superannuation contributions via SuperStream. BPAY alone doesn't meet a compliant SuperStream transaction. The money to pay superannuation contributions and data to instruct the payment must be sent electronically in a standard format to comply with SuperStream. That could be via FirstNet Employer (for employers with a FirstChoice Employer Super plan), CBA’s NetBank – in the Superannuation hub (for employers who use Essential Super), or through a SuperStream compliant payroll system or clearing house.