Employers with at least 20 employees will be required to meet new data standards for superannuation contributions made on behalf of employees from 1 July 2014#. Employers with fewer than 20 employees have until 1 July 2015 to comply.
As every business is different there are many different approaches available for adopting the new data standards; varying from using software that conforms to the standards to using a service provider who can meet the standards on your behalf.
If you already transact electronically with various super funds, they will provide you with updated processes and procedures to ensure you comply with the standards.
The ATO will be providing further information to employers over the coming weeks. In the meantime, further information on your SuperStream obligations can be found on the ATO’s website. A good place to start is: ATO Employer FAQs.
# The ATO has implemented transition in arrangements for medium and larger employers from 1 July 2014. **An Electronic Service Address (which is different to an email address) is required for delivery of contribution messages. They can obtain this from their fund or service provider such as an administrator, e-commerce gateway or other message delivery service.