26 May 2014

More flexibility for superannuation funds in receiving contributions

Note

This media release discusses the increased flexibility for the superannuation industry as it makes changes to implement the SuperStream contributions data standards.

The Government is today announcing increased flexibility for the superannuation industry as it continues to make the necessary changes to implement the SuperStream contributions data standards.

Superannuation funds will have up to 1 July 2015 to meet the new standards.

SuperStream introduces e-commerce to the back office functions of the superannuation industry, reducing transaction costs and processing times.

The Australian Taxation Office will provide more information to industry through their regular consultative forums.

The Government remains committed to the effective implementation of the SuperStream reforms in close cooperation with all stakeholders.