SuperStream delay penalises providers who have complied
The superannuation sector has been given sufficient time to comply with the requirements of the SuperStream standards and industry efforts to delay them are penalising compliant product providers according to SuperGuardian and Xpress Super chief executive Olivia Long.
The Federal Government announced last week it had extended the timeframe for the superannuation funds to meet the new SuperStream contributions data standards to 1 July 2015.
The Government had received a number of submissions from the superannuation industry claiming difficulties in meeting the original SuperStream deadline.
However Long stated that Australian Taxation Office had given the industry sufficient time to meet the new standards and industry associations that supported the delay "are merely serving the interests of their under-performing members".
"The ATO has given plenty of notice to the industry. Frankly there's no excuse for practitioners not to be ready for these changes. Firms that have invested capital and made the effort to get ready are effectively being penalised."
Long said that while SuperStream might impact some self-managed super funds (SMSFs), particularly those who would need to get professional advice to meet the new standards, the new standards would have to apply to all SMSFs in time.
"Going forward all SMSFs will be required to have a bank account and an electronic service address that are able to receive employer contribution payments and messages sent electronically using the SuperStream standard," Long said.
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.
