Govt to launch ‘paper free’ SG payment system
The federal Government will act on its promise to make administering super guarantee payments easier for employers next Monday, by launching a new streamlined electronic payment protocol.
Developed in conjunction with the Australian Taxation Office (ATO) with the input of a host of fund managers and industry associations, the new system, called swimEC (Superannuation, Wealth and Investment Management Electronic Commerce) will create an industry standard for superannuation transactions, contributions and information.
Work on the swimEC initiative was started in July last year by the federal Government in conjunction with the Association of Superannuation Funds of Australia (ASFA), the Investment and Financial Services Association (IFSA) and the Financial Planning Association (FPA).
The program is an amalgamation of the predecessor superEC and MfundEC programs.
In July 2003, the ATO announced that it would participate in the program to help streamline communication between employers and the ATO in relation to superannuation guarantee payments.
"The superannuation and investment environment is becoming increasingly fluid and dynamic," said Richard Gilbert when swimEC was launched in July 2003, in his capacity as the IFSA representative on swimEC.
"This initiative will help drive a more timely response to market and regulatory changes."
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