As part of the Government’s super reform package there is a section making it mandatory for employers to provide employee superannuation payments, and attached instructions, in an electronic industry standard format.
The time line for employers to adhere to these changes is as follows:
- Employers with 20 or more employees – By 30 June 2015
- Employers with less than 20 employees – By 30 June 2016
NOTE: All employers, regardless of size, can adopt the standards any time from 1 July 2014.
The ATO advises that to meet the standard employers need to:
- Provide the minimum data set in the required electronic format, using the standard terms and message
- Make payments to each super fund electronically
- Ensure payments and data are linked using a unique payment reference number (this will be automatically supplied via compliant payment methods)
- Meet the minimum performance standards that include sending money and data on the same day
- Respond to fund requests for missing information or queries on members within 10 days.
There are different solutions available depending on the size of you business and how you would prefer to operate. If you would like to discuss this further please contact Jarrod Lewis on 03 5559 7111 or email@example.com