The ATO on Fri 11.1.2013, registered Superannuation Data and Payment Standards 2012.
The purpose of the Standard is to facilitate effective e-commerce as part of the SuperStream reforms in relation to core transactions such as contributions and rollovers across the superannuation industry.
The Standard specifies the minimum requirements for dealing with payments and information relating to certain transactions within the superannuation system including employer contributions, rollovers and transfers between superannuation entities and associated reporting obligations for superannuation purposes.
Broadly, the Standard must be adhered to by:
- trustees of superannuation entities in relation to rollover and transfer transactions, contributions and associated payments; and
- employers in relation to contributions and associated payments.
[LTN 7, 11/1/13]