SMSF News - edition 21

Data standards timeline

From 1 July 2013, self managed superannuation funds (SMSFs) will be required by law to use the data and e-commerce standard to ensure all rollovers are made in an approved electronic form.

Large and medium employers will be required by law to adopt the standard from 1 July 2014. From 1 July 2015, small employers with less than 20 employees will be required by law to use the standard for sending contributions to funds, subject to further consultation on impacts to this group.

However, SMSFs will be required to process contributions that are sent by employers who voluntarily start using the standard from 1 July 2013.

The standard will make it easier for employers as they will only need to follow one standard for all contributions, rather than having different requirements for different funds.

Having a standard in place across the industry will improve the productivity of back office processes for the super system and enhance data integrity.

The ATO is working with industry to develop efficient and effective mechanisms to assist SMSFs adopt the standard.

These policies are subject to change until confirmed through the passage of legislation. The ATO is regularly updating the information about these changes and how it is anticipated they will be implemented. For more information, refer to Questions and answers for super funds, draft Rollovers message implementation guides and Contributions message implementation guide.

Sections within Draft data and payment standards legislation released

• Data standards timeline