WA Super News
A new standard to streamline super
A positive change for employers
From 1 July 2014, employers with 20 or more employees are required to use the Data and Payment Standard (the standard) when making superannuation contributions.
Employers with 19 or fewer employees have until 1 July 2015 before they must begin using the standard.
What is the standard?
The standard is part of SuperStream, a package of measures designed to improve the efficiency of the superannuation system.
For employers, the standard provides a simpler, more consistent method of making super contributions. For many employers it will also provide a single avenue for interacting with multiple funds.
The standard requires payment and data to be sent electronically. A common standard will also ensure employer contributions can be streamlined and monies paid in a consistent, timely and efficient manner to a member’s account. Many of the complexities employers currently face will be removed.
Help from WA Super
WA Super can help you understand and prepare for the introduction of the standard. You’ll need to start planning now to ensure you’re able to comply on time.
Contact us today to see how WA Super can help you comply with these new standards.