Data and payment standards

The Exposure Draft - Superannuation Data and Payment Standards was released by Treasury on 9 February 2012, and submissions closed on Thursday 23 February 2012.

The implementation of data and payment standards will allow participants in the superannuation system to communicate by using standardised business terms in a consistent and reliable format, while electronic transmission (using agreed transport and security protocols) will allow for a more automated and timely processing of transactions with fewer errors. This will result in improved efficiency (particularly the processing of contributions and rollovers by super entities), an easier system for employers to use, fewer lost accounts and more timely flow of money to member accounts.

These superannuation data and payment standards will be mandated for super entities and employers.

For more information, refer to the Stronger Super website.