AUSTRALIA - The government has launched a new electronic standard for the superannuation industry with the goal of moving towards "paper-free" super transfers for employers.
Mal Brough, federal assistant treasurer and minister for revenue, said “SwimEC” aims to standardise electronic super transfers and make it easier for businesses to pay their employees contributions electronically.
“When a person uses internet banking they can transfer money to other banks and pay bills to any number of businesses or financial institutions because the information they are sending is compatible throughout the industry,” he said.
“SwimEC is about achieving the same standard for the transfer of superannuation information and payments.”
Commenting on the new standard, the Association of Superannuation Funds of Australia (ASFA), said it would make super payments to multiple funds “infinitely easier” for employers.
“Employers who adopt the new electronic standard will be able to electronically transfer super contributions and necessary employee information to participating super funds, as easily as if they were making an ordinary payroll transfer,” said Philippa Smith, CEO.
“It’s important that employers and funds consider adopting the standards as soon as possible, in time for the implementation of choice of fund on July 1 this year.”
SwimEC stands for superannuation, wealth and investment management electronic commerce, and is the result of collaboration between the government and a number of industry associations.
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