Super: 2013 timeline for payments standards
Superannuation funds and employers will need to conform to new standards on the payment of contributions and rollovers beginning in 2013 - if the timetable announced yesterday sticks and the industry can agree on standards.The assistant treasurer, Bill Shorten, said yesterday that funds will need to follow the standards from July 2013, with larger employers adopting them from July 2014. The discussion points on a "date and e-commerce standard" for superannuation is pretty thin, though the Australian Taxation Office is coordinating a series of workshops on the design of these standards. The discussion document is publicly available and is published by Treasury. The Association of Superannuation Funds of Australia advised yesterday that a public consultation version of the rollover standard is likely to be released for comment in early October, with the contribution standard being made available about a fortnight later.Finalised standards for both contributions and rollovers are scheduled to be released in early 2012.