The ATO has released for comment a draft of the Superannuation Data and Payment Standard and associated schedules. The draft Standard, to be a Legislative Instrument, proposes to establish the superannuation data and payment standards which must be adhered to by trustees of superannuation entities, Retirement Saving Account (RSA) providers and employers.
The draft Standard defines the minimum requirements of certain transactions within the superannuation system including employer contributions, rollovers between superannuation entities and certain reporting obligations for superannuation purposes.
Key application dates for the draft Standard:
- will apply to trustees of superannuation entities, including self-managed super funds (SMSFs), and RSA providers from 1 July 2013;
- will apply to large and medium employers from 1 July 2014; and
- will apply from 1 July 2015 to entities that are small employers on 1 July 2014 unless a later date is prescribed.
The consultation package is available on the ATO website.
COMMENTS are due by 2 November 2012.
[LTN 202, 18/10]