The number of superannuation members benefiting from SuperStream continues to grow, according to the ATO.
SuperStream is a new system to electronically transfer information about super contributions between employers and super funds.
The ATO says that over 70% of members’ superannuation contributions to APRA-regulated super funds are now being sent using the SuperStream data standard.
“This is good news for the millions of super fund members who receive employer contributions as we are now seeing the promise of SuperStream efficiencies being delivered,” said James O’Halloran, ATO Deputy Commissioner for Superannuation.
“We are very pleased with the progress shown by APRA-regulated funds in onboarding employers to this new system and expect momentum to continue through to the small business deadline of 30 June 2016.”
“Most large and medium employers are now compliant with SuperStream and more than half of all small businesses are SuperStream ready ahead of the 30 June deadline.”
The ATO says SuperStream reduces the cost of processing super contributions “by removing manual effort and complexity in the system, improving data integrity and enabling high rates of straight-through processing”.
“Employer research conducted on behalf of the ATO confirms the majority of employers that have implemented SuperStream are already experiencing benefits, including an overall 70 per cent reduction in the time it takes to meet their superannuation obligations.”
The ATO has released the first in the series of SuperStream benchmark surveys, which shows that 22.8 million SuperStream contribution transactions were processed in the September quarter of 2015. The ATO will continue to compile and publish this data, with the December 2015 quarter due to be released “shortly”.
The ATO is also conducting a series of SuperStream employer webinars in March and April. Details are available on the ATO website.
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