New Data and Payment Standards

New Federal Government laws are imposing new e commerce standards on the way employers MUST process employee Superannuation Guarantee (SG) contributions going forward.

  • From 1 July 2014, employers with more than 20 employees will be required to contribute electronically to superannuation for SG contributions; and
  • From 1 July 2015, employers with less than 20 employees will also be required to contribute SG contributions electronically.

What does this mean?

Based on ATO commentary, contribution data is sent electronically in message format to the respective super fund, and the contribution payment is sent via electronic funds transfer through the banking system.  The data message and payment are linked by a payment reference number which enables reconciliation by the receiving super fund.

In plain English this means, NO longer being able to pay by cheque, with all information sent to the super fund for contributions being sent via an electronic medium that complies with the new ATO standards.  Unfortunately, whenever the Government and the ATO introduce a new standard, regardless of the intention, there are often underlying costs associated with complying, and this new standard is no exception.

What should you do?

Make it easier on yourself and your payroll staff, simple let LESF fund take care of everything. LESF fund has a state of art clearing house solution, which will give you back time and efficiencies in running the business. Phone our Business Development Manager on 1800 359 686 today to review your current situation; we will help you add some real value to your business. 

‘Stronger Super’ – a Re-Cap

Key Points

  • Increase to SG contributions
  • 70 year old age limit for paying SG removed
  • Payslip reporting changes – Actual super contributions on payslips from 1 July 2013
  • Mandatory data standards and e-commerce from 1 July 2014
  • Payment of SG contributions to a ‘MySuper’ authorised fund from 1 July 2014 where new employees do not choose a super fund.

Key features

  • MySuper – a new simple, low-cost default super offering
  • SuperStream – operational enhancements to the super stream to make super transactions faster and easier
  • Governance – enhanced prudential standards for trustee boards and fund to strengthen the integrity of the super system.

How Can LESF Super Help You?

LESF Super has a MySuper approved option – LESF MySuper. By choosing LESF Super, you can be confident that you are compliant with the government legislations.