A new standard for making super contributions
From 1 July 2014, if you have 20 or more employees, you can use the new Superannuation Data & Payment Standard when making super contributions.
The standard offers a simpler way of making super contributions and, for many employers, will provide a single channel for making contributions to multiple super funds.
Under the standard, employers will need to:
- send all super data electronically (such as the employee's details and the amount of super being paid)
- make contribution payments electronically
- link data and payments with a unique payment reference number
- send data and payments on the same day.
Some options to help you meet the standard include:
- upgrading your software so that it complies with the standard
- engaging a service provider who can meet the standard on your behalf
- getting advice from your super fund on how your business can meet the standard.
To help you understand the standard, the Australian Taxation Office (ATO) is sending important information about the standard to all employers with 20 or more employees. Watch out for this letter in the mail in the coming days.
Find out more about the Data & Payment Standard on the ATO website.
View the full article on the business.gov.au website.
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