Medium and large employers - a new standard for contributions

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.

If you process your super contributions for employees, you can upgrade your internal systems or use a payroll supplier to help you meet the new standard. Other partners, including accountants, clearing houses, funds and their administrators may also be able to help.

The introduction of the new standard will affect you to varying degrees, depending on:

• your existing use of technology
• the number of employees you have
• the degree to which you want to outsource the function
• the method you choose to adopt the data and e-commerce standard
• how complex your current relationships are with super funds.

Your business can choose the path that best suits your needs.