New governance structure good for SuperStream: ASFA

The Association of Superannuation Funds of Australia (ASFA) welcomes the Assistant Treasurer’s announcement that the Australian Taxation Office (ATO) will have stewardship of the SuperStream gateway network for the next two years.

ASFA CEO Ms Pauline Vamos said “ASFA has been calling for the ATO’s regulatory reach to be extended on superannuation data and payment matters to the gateways that are part of the SuperStream transaction network.

“The ATO is the logical body to take on this role in the short term to ensure the smooth delivery of the SuperStream vision, because the interoperability of the system involves not just superannuation funds but payroll firms, software providers, gateways and clearing houses.

“The development of an industry-led governance body for the long term is a complex task. This announcement will provide a realistic amount of time for the industry to work together to determine the appropriate arrangements.

“ASFA has produced a report outlining the potential legislative and funding structures of a governance body, however the framework for SuperStream needs to be finalised first.

“We look forward to working with the ATO and all parties involved in the implementation of SuperStream to reap the rewards of several years hard work,” she concluded.

For further information, please contact:

Lisa Chikarovski, Media Manager, 0451 949 300.

About ASFA

ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral, and non-party political national organisation, which aims to advance effective retirement outcomes for members of funds through research, advocacy and the development of policy and industry best practice.