09 Jul 12 Information about data standards for employers and super funds
The ATO advises that from 1 July 2014, an employer with 20 or more employees must use the new data and e-commerce standard when making superannuation contributions on behalf of their employees.
The ATO advises that an employer with less than 20 employees will need to use the new standard for contributions from 1 July 2015, subject to further consultation.
Employers can upgrade their internal systems or use a payroll supplier to help them meet the new standard. Other partners, including accountants, clearing houses, funds and their administrators may be able to help as well.
The ATO advises that from 1 July 2013, Australian Prudential Regulation Authority (APRA) regulated super funds and self-managed super funds (SMSFs) must use the standard for processing rollovers. Funds must also process contributions sent by employers who choose to apply the standard early.
The ATO advises that from 1 July 2013, self-managed superannuation funds (SMSFs) must use the new standards for payments and receipt of rollovers. Also, if an employer has the ability to send contributions in the new standard, the SMSF must receive them in this format.