Under this standard employers with 20 or more employees must make super contributions electronically with all contribution data also sent electronically from 1 July 2014. Likewise all super funds must receive contributions electronically as well – including self managed super funds.
The main purpose of this standard is to ensure all employer contributions are paid in a consistent, timely and efficient manner to a members account.
To meet your obligations you must provide the employer with the super fund ABN, super fund bank account details and an electronic service address for receipt of a contribution data message (assuming you are not using the employer default super fund). This all must be done by 31 May 2014.
There are a number of superannuation message providers in the market with a list of providers on the ATO website – but to make it easy, some of these include most banks and the Australian Post Office. Note, there is a small cost to use these message providers.
Note, these rules apply from 1 July 2015 for those employers with less than 20 employees.
If you have any questions in relation to these requirements please contact Simon Flowers or Cathy Walley.
