First FOFA, now Stronger Super hits implementation issues
The Association of Superannuation Funds of Australia (ASFA) has warned the Minister for Financial Services and Superannuation, Bill Shorten, the superannuation industry may not be able to meet the 1 July, 2013 implementation date for SuperStream.
In a letter to the minister, ASFA has sought a "relaxation of the time-frame for the implementation of the data and payment standards for superannuation rollovers and contributions to enable an orderly transition for the industry and employers".
The ASFA letter said that while the organisation was very supportive of the mandated data standards, "we are becoming increasingly concerned about the ability of the superannuation industry to achieve implementation by the 1 July, 2013 start date".
On the basis of those concerns, the ASFA letter has proposed "an adjustment" to the implementation time-frame to:
- A soft start date for the rollover of contributions data and payment standards of 1 July, 2013 for funds and employers.
- A hard start date for the rollover of data and payment standards of 1 January, 2014.
- A hard start date of the contributions and payment standards of 1 July, 2014 for medium and large employers and superannuation funds.
- A hard start date of the contributions and payment standards of 1 July, 2015 for employers with fewer than 20 employees.
The ASFA letter has sought to rationalise the delays by saying that "significant technical issues have been identified that require resolution if the implementation of the standards is to be successful".
The letter also pointed to difficulties confronting the Australian Taxation Office in building and delivering underlying systems for the new regime.
Recommended for you
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
