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7 March 2013 meeting

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SuperStream Advisory Council meeting
7 March 2013

Key messages

Industry readiness

The Council encouraged the regulators to increase communication with industry on the implementation of SuperStream.  The Council noted that:

  • the Australian Taxation Office (ATO) and the Australian Prudential Regulation Authority (APRA) would be writing to trustees shortly outlining  details about the implementation process and APRA's approach to implementation of the SuperStream standards, and surveying fund readiness; and
  • APRA would also be writing separately to trustees in April on its expectations in relation to breach reporting once the performance standards are effective.

The Council will consider the results of the readiness survey at its May meeting.

Role of the ATO

The Council was briefed on ATO activity and expenditure implementing the SuperStream reforms.  Designing the services has involved extensive consultation with the superannuation industry including 35 workshops and 64 formal consultations with many more discussions throughout the industry.  The ATO has delivered an enhanced Super Seeker, which has had almost 3 million searches conducted since January 2011 and has generated 64,000 electronic transfer requests, and the ATO will deliver the initial TFN integrity service by 1 July 2013.

The Council noted the ATO was doing well with a difficult and complex task and that it was encouraged by its progress.  Nevertheless, the Council noted that the industry wants further details on the ATO activities and asked that the ATO prepare a report on the delivery status and its forward work program for consideration at the next Council meeting.  The ATO was encouraged to engage with the industry associations on this matter.

Network governance

The Council discussed the progress of industry associations in collaborating on a network governance body and observed that the process was at a critical point.  It was pleased by reports that the associations were making good progress in coming to an agreement to collaborate on a governance model/framework to progress network interoperability.  In progressing this work the Council encourages the associations to draw on the expertise of others where non-super specific issues have been solved elsewhere.

Progress on network governance will be a key theme of the Council's agenda and it will invite the industry associations and the ASP group to present on the proposed model so that the Council can be satisfy itself that the proposed model will be sufficient and suitable to support the objectives of SuperStream.  It noted that there may be 'systemic risks' that may require further regulatory support.  It was important that the governance model allowed consideration of the needs of self-administered funds and SMSFs.

Employer readiness

The Council noted the need for employers to prepare for SuperStream, and noted that the ATO intended to communicate with medium and large employers around April/May.  The ATO would also be consulting on industry reporting requirements.

The Council highlighted that the ATO had developed answers to a range of frequently asked SuperStream questions on its website.