SuperStream is on a more stable and certain path after the announcement that a governance structure for its gateway network has been finalised.
Assistant Treasurer Arthur Sinodinos AO, announced that the Australian Taxation Office (ATO) will have stewardship of the SuperStream gateway network for a period of two years.
It is set to convene a governance group made up of industry participants, including gateway operators, superannuation funds, and employer representatives.
The role of the ATO during this time will be to provide clarity and certainty in regards to the network’s operation for gateway operators and other members of the superannuation industry.
Vitally, it will be responsible for facilitating an industry agreement on the design of a self-regulated, industry-funded governance body in order to put in place the administrative framework needed for a smooth transition to self-regulation.
After this transition, the ATO will maintain only a participatory role as a member of the governance body.
The ASFA yesterday welcomed the move.
This came after an earlier Wealth Professional article
in which CEO Pauline Vamos had expressed doubt as to the future of SuperStream without gateway governance.
This new announcement will now provide a realistic amount of time for the industry to work together to determine the appropriate arrangements, she said.
“We look forward to working with the ATO and all parties involved in the implementation of SuperStream to reap the rewards of several years of hard work”.
SuperStream is a project to introduce e-commerce to the ‘back office’ of the superannuation industry in order to reduce processing times and transaction costs. The reforms are estimated to deliver savings of $1 billion annually.