The superannuation data and payment regulations
The superannuation data and payment regulation - Superannuation Industry (Supervision) Amendment Regulation 2012 (No.5) was registered on 11 December 2012.
The regulation amends the Superannuation Industry (Supervision) Regulations 1994 and provides further detail to support the superannuation (super) data and payment standard.
The regulation outlines:
- super transactions that will be subject to the super data and payment regulations and standards, including
- what information must accompany a request for a rollover or transfer, a member registration and a contribution
- when that information must be validated
- additional detail for services that facilitate the transmission of information and payments electronically to super entities and retirement savings account (RSA) providers.
The regulation also introduces performance standards for processing rollovers and contributions that occur in accordance with the super data and payment standards.