ATO to oversee SuperStream gateway
The Assistant Treasurer, Arthur Sinodinos, has announced the Australian Taxation Office (ATO) will have stewardship of the SuperStream gateway network for two years while the network is bedded down.
The move comes in a bid to provide certainty and stability to the superannuation industry through a governance structure for the SuperStream gateway network.
During this two-year period, one of the ATO’s roles will be to put together an industry agreement on the design of a self-regulated, industry-funded governance body.
It will put the required administrative framework in place for a smooth transition to self-regulation, which will happen in the second quarter of 2016.
“During this initial two-year period, the ATO will be responsible for providing clarity and certainty to the gateway operators and other members of the superannuation industry regarding the network’s operation,” Sinodinos said.
After the transition the ATO will play only a participatory role as a member of the governance body.
SuperStream, a project aimed to introduce e-commerce to the back office of the superannuation industry, is estimated to deliver $1 billion worth of savings to the industry by reducing transaction costs and processing times.
Recommended for you
The super fund has launched Retirement Manager, a digital advice tool helping members plan income, spending, and retirement confidence with integrated support.
APRA has warned retail super trustees that financial adviser involvement in recommending platform products does not diminish their obligations, as regulators turned the spotlight on the Shield Master Fund and First Guardian Master Fund during a meeting with fund CEOs.
AMP’s chief economist has unveiled a wish list for the Australian government’s Economic Reform Roundtable.
Australian retirees could increase their projected annual incomes between 3 and 51 per cent by incorporating personal and household data into their retirement income strategies, according to new research.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
215.17 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
118.15 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
75.00 3 y p.a(%)
4
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
61.11 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
60.93 3 y p.a(%)
