ATO to steer SuperStream gateway network

ATO/government-and-regulation/superannuation-industry/australian-taxation-office/superannuation-funds/assistant-treasurer/

24 February 2014
| By Staff |
image
image
expand image

Assistant Treasurer Arthur Sinodinos has announced the Australian Taxation Office (ATO) will have stewardship of the SuperStream gateway network for two years. 

During this time the ATO’s duty will be to bring about an industry agreement on the design of a self-regulated industry-funded governance body. 

It will have to formulate the administrative framework to allow a smooth transition to self-regulation, which is set to happen in the second quarter of 2016. 

It will assemble a governance group comprised of industry participants, including gateway operators, employer representatives and superannuation funds. 

“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,” Sinodinos said.  

After the transition the ATO will play only a participatory role as a member of the governance body. 

It  is estimated that SuperStream, which aims to introduce e-commerce to the back office of the superannuation industry, will deliver $1 billion worth of savings to the industry by reducing transaction costs and processing times.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks 1 day ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 6 days ago

TOP PERFORMING FUNDS