SuperStream Advisory Council meeting
14 June 2013
Preparations for the implementation of the first phase of SuperStream, rollovers between superannuation funds, are on track. Under current planning, the Council estimates that at least 80 per cent of funds will be conforming with the new data and payment standards by early October 2013.
The Council wishes to emphasise the importance of all funds providing accurate and complete information to the ATO’s Fund Validation Register.
The Council urged funds to ensure they have their AUSkey credentials confirmed in order to use the new ATO SuperTIC and Fund Validation Register. Funds should note that the process for obtaining AUSkeys can take some time.
The Council encourages superannuation funds to check the transition-in timetable, and to consider whether the induction group to which they are currently assigned is appropriate. Funds are requested to confirm their induction group with the ATO.
The Council notes that only a small number of funds have had their transition date extended beyond December 2013, reflecting extraordinary circumstances.
The ATO intends to institute a freeze on changes to technical standards until December to provide a more stable regulatory environment for the implementation of the first phase of SuperStream.
Funds are encouraged to read the updates on gateway projects published at the website of ASP.
The Council congratulated the ASP and industry associations (ASFA, AIST, FSC, ISN) on the substantial progress that has been made in relation to a governance framework for gateway providers. A list of Gateway providers that have voluntarily signed up to the Superannuation Data and Gateway Service Standards is on the ASP web site.
The Council encourages the industry associations to continue work on an ongoing governance framework for SuperStream, with input from the Affiliation of Superannuation Practitioners and others.
The ATO is working on implementation strategies for employers, to ensure that the next phase of the SuperStream project works smoothly.