The Assistant Treasurer, Senator the Hon Arthur Sinodinos AO, today announced arrangements to provide certainty and stability to the superannuation industry by setting in place a governance structure for the SuperStream gateway network.
SuperStream is a project to introduce e-commerce to the ‘back office’ of the superannuation industry, reducing transaction costs and processing times. SuperStream reforms are estimated to deliver savings of $1b annually to industry.
The gateway network is a key part of the infrastructure required to ensure that SuperStream delivers maximum benefits to employers, superannuation funds and fund members.
While the network is bedded down, the Australian Taxation Office (ATO) will, for a period of two years only, have stewardship of the SuperStream gateway network. It will convene a governance group made up of industry participants, including gateway operators, superannuation funds and employer representatives. During this initial two year period, the ATO will be responsible for providing clarity and certainty to the gateway operators and other members of the superannuation industry regarding the network’s operation.
One of the key functions the ATO will undertake during this time will be to facilitate an industry agreement on the design of a self-regulated, industry-funded governance body. The ATO will put in place the required administrative framework to allow for a smooth transition to self-regulation, which will occur in the second quarter of 2016.
It is the expectation of the Assistant Treasurer that the industry will work together to ensure this outcome is achieved. After transition the ATO will maintain only a participatory role as a member of the governance body.
This announcement provides certainty and stability to participants in the superannuation industry during this period of reform.
The Government remains committed to SuperStream and the ATO will continue to work closely with superannuation funds, fund administrators, employers, and software developers as SuperStream continues to be implemented.