28 May 14 Superannuation Data and Payment Standards contribution transitional arrangements amended
The existing superannuation contribution transitional arrangements have been amended by extending the existing contribution transition-in period by 12 months to 30 June 2017, and by providing additional transition-in arrangements that can be used during that period: Superannuation Data and Payment Standards (Contribution Transitional Arrangements) Amendment 2014 (Legislative Instrument F2014L00608, registered 27 May 2014).
The amending Standard applies with effect from 28 May 2014.
Among other things, the Superannuation Data and Payment Standards 2012 sets out the specifications and requirements for the following:
- employee registration messages
- employee contribution messages, and
- superannuation contribution payments.
Employers are required to send, and trustees of APRA-regulated superannuation entities and SMSFs are required to receive, information and payments in conformance with the contributions standard.
Schedule 1 to the Standard contains transitional provisions that allow employers and trustees to use electronic file formats to send contribution messages that are not fully compliant with the contributions standard during a transitional period referred to as the contribution transition-in period.
This amending Standard amends the existing contribution transitional arrangements by extending the existing contribution transition-in period by 12 months to 30 June 2017, and by providing additional transition-in arrangements that can be used during that period.
As part of these transition-in arrangements, the amending Standard provides that, if an entity voluntarily takes part in a contribution induction process, that entity may send or receive contribution transaction messages, and payments associated with those contribution transaction messages, during that process in a manner advised by the Commissioner. The contribution induction process is a process that employers and trustees of superannuation entities can use to assist them in transitioning to full implementation of the requirements specified in the document referred to in Schedule 4(a) to the Standard (Data and Payment Standards - Contributions Message Implementation Guide).