Data and payment standards

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

Legislation and supporting material

The following legislation received royal assent on 28 June 2012:

• Superannuation Legislation Amendment (Stronger Super) Act 2012
• Explanatory Memorandum.

More information For more information refer to: Stronger Super Exposure Draft - Superannuation Data and Payment Standards.