From 1 July 2013, Australian Prudential Regulation Authority (APRA) funds can roll over to self-managed superannuation funds (SMSFs) using the data and e-commerce standard wherever an SMSF provides the relevant electronic service and payment details.
From 1 July 2014, all super funds, including SMSFs, must receive contributions in the standard.
From 1 January 2015, it is expected that SMSFs will be required to use the new standard for payments and receipt of rollovers.
We will be focusing on supporting SMSFs during the introduction of the new standard.
SMSFs and contributions
From 1 July 2014, all super funds, including SMSFs, must receive contributions from medium and large employers in the data and e-commerce standard. From 1 July 2015, SMSFs must receive contributions from small employers in the standard format.
You will need to ensure you can receive these electronic messages and payments. This may mean receiving these through your administrator, upgrading your financial accounting software with your provider or subscribing to a message delivery service.
This should mean money gets into your SMSF faster and begins working for members sooner. You will also have the benefit of improved electronic record-keeping for tax and audit purposes.
There is an exemption when contributions are made from a related-party employer. The employer will be exempt from sending the data message and the SMSF will be exempt from receiving it (refer to regulation 7.07F (2)).
SMSFs and rollovers
From 1 January 2015, it is expected that SMSFs will need to use the standard for payments and receipt of rollovers. However, a new regulation is required to introduce this change and we will let you know if this happens.
Last Modified: Thursday, 9 May 2013