4. What this Standard does4. What this Standard does

4. What this Standard does

This Standard amends clause 2, clause 4, clause 5, clause 6, clause 8 and clause 9 of the Superannuation Data and Payment Standards 2012.

This Standard requires trustees of self-managed superannuation funds (SMSFs) to comply with the Superannuation Data and Payment Standards 2012 in relation to rollovers and transfers that are requested on or after 31 March 2021.

This Standard also requires trustees of both SMSFs and APRA-regulated superannuation entities, in relation to release authorities issued on or after 31 March 2021 by the Commissioner of Taxation under Division 131 of Schedule 1 to the Taxation Administration Act 1953, to comply with the Superannuation Data and Payment Standards 2012. However, this Standard does not apply to a release authority issued by the Commissioner on or after 31 March 2021 where the release authority is issued outside of requirements of the Superannuation Data and Payment Standards 2012.

This Standard repeals Schedule 1 to the Superannuation Data and Payment Standards 2012.