ATO Changes to Superannuation for Employers - New Standard
Australian Tax Office are changing the standards for Employer Superannuation
Prepare for the Superannuation data and payments standard – a 10 minute video explaining the changes.
If you are a small business, with less than 20 employees, you will need to use the data and e-commerce standard for contributions from 1 July 2015, subject to further consultation.
If you process your super contributions for staff, you can upgrade your internal systems or use a payroll supplier to help you meet the new standard. Other partners, including accountants and clearing houses, funds and their administrators may be able to help as well.
If you are a small business, you may be eligible to use the free Small Business Superannuation Clearing House.
From 1 July 2014, if you are an employer with 20 or more employees you must use the new data and e-commerce standard when making superannuation contributions on behalf of your employees.
From 1 January 2014 (or earlier), you can voluntarily work with a fund to send contributions in the new standard. This is an opportunity for medium and large employers and funds to work together to transition towards being contributions ready in the standard from 1 July 2014.