From 1 July 2014, employers with 20 or more employees will be required to make superannuation contributions electronically using the Superannuation Data & Payment Standard (the standard). From 1 July 2015, small employers (with 19 or fewer employees) will start making contributions using the standard.
Employers may choose to meet the standard – either using:
- software that conforms to the standard; or
- a service provider who can meet the standard on their behalf.
The ATO states this will provide a simpler, consistent method of preparing contributions, and in many cases, a single channel for interacting with multiple funds. The changes are designed to reduce complexity, improve data quality, lower overall administration costs and minimise lost accounts with the aim of maximising total retirement savings.
From 1 July 2014, Self Managed Superannuation Fund trustees are required to receive electronic messaging and payments relating to superannuation contributions in accordance with the new standards.
The ATO is maintaining a list of service providers: the ‘SuperStream messaging solution providers’ which can assist trustees with more information. The ATO is not endorsing or recommending any specific service provider. Details are available from the ATO at the following link:
http://www.ato.gov.au/Super/Data-standards/In-detail/Contributions/SMSF-messaging-service-providers/
