New data and payment standards legislation for Superannuation came into effect from 1 July 2012. From 1st July 2015, the new standards will have to be followed when you deposit contributions into superannuation funds, if you employ fewer than 20 people. While if you are a big and medium-size company you have to start using the benchmark from 1st July 2014.
The new standards which are a part of the Super Reform package from the Government aims to offer dependable and reliable electronic system to manage all the data linked with the payments of superannuation.
The main objective of the change includes:
- To make the superannuation system more efficient
- To improve the timeliness of contributions and rollovers that are processed
- To reduce unclaimed monies as well as the number of lost accounts
The new standard expects you as an employer to send all rollovers and contributions to the superannuation funds through the approved electronic form and not via cheques.
As an employer, you will have to ensure that your in-house systems are upgraded to meet these standards. Alternatively, you can use a payroll supplier to meet the new standards.
Small Business Superannuation Clearing House offers its services for free for small businesses with less than 20 employees where they will assist you with the super guarantee obligations. Registration can be done on the Department of Human Services website; visit www.medicareaustralia.gov.au/super or you can call the Department on 1300 660 048.