Data and payment standards

The Superannuation Legislation Amendment (Stronger Super) Act 2012 received royal assent on 28 June 2012.

The legislation establishes a framework to implement the superannuation data and payment standards, including supporting regulations that will apply to processing super contributions and rollovers.

Draft regulations, which set out the details of the standard, were released by Treasury for public consultation on 2 October with submissions closing on 16 October 2012.

When finalised, the regulations will:

• inform super entities, retirement savings account providers and employers of their key obligations under the standards
• specify the operational and information requirements that apply
• prescribe the activities and behaviours that support the general operation of the super data and payment standards framework.

The draft legislative instrument and associated schedules were released as consultation drafts on 16 October with submissions closing on 2 November 2012.

For more information, refer to the Stronger Super or Data standards website.