Will life be but a dream as more super transactional processes start flowing into SuperStream?
The Australian Tax Office (ATO) has introduced a comprehensive package of legislative reform called SuperStream to standardise the electronic flow of money and information between employers, funds, service providers and the ATO, as it circulates around the super system.
It’s designed to enable employers to make all their contributions in a single transaction, even if they're going to multiple super funds.
It promises faster, more efficient processing of contributions and rollovers, fewer errors, and reduces the potential for lost or unclaimed super accounts. SuperStream involves progressive changes being introduced over a five year period that began in 2014.
October 2016 brings the third round of SuperStream changes for ‘Fund-to-Fund’ or Business-to-Business (B2B) transactions and November sees the first round of changes to streamline Government-to-Business (G2B) rollovers; that is, ATO-to-fund rollovers. Download the summary at right for more details on the implementation timetable.
Invariably, the SuperStream changes come at a cost and will require additional expenditure to be budgeted for by trustees. Mercer is actively participating in industry forums to ensure the changes deliver real business benefits, whilst balancing implementation time and overall cost.