The ATO has advised that from 1 July 2014, employers with 20 or more employees must use new data and e-commerce standards when making super contributions on behalf of employees. It said those employers need to upgrade internal systems or use a payroll supplier to meet the new standards.
Further, the ATO said small businesses with less than 20 employees will need to use the new standard for contributions from 1 July 2015, subject to further consultation. It said small businesses have free access to the Small Business Superannuation Clearing House to assist with meeting super guarantee obligations.
In relation to APRA regulated funds and SMSF, the ATO said new data standards must be used from 1 July 2013 to process rollovers. In addition, it said funds must also use the new standards to process contributions sent by employers who choose to apply the standard early. Therefore, the ATO said relevant funds need to upgrade their registry systems or engage an administrator or other service provider to assist with complying with the new standard.
Specifically in relation to SMSFs, the ATO said trustees of those funds must ensure that the fund has the ability to send and receive electronic messages and electronic payments in accordance with the new data standards.
[LTN 129, 6/7]