ATO yet to finalise contribution regime documentation
The Association of Superannuation Funds of Australia (ASFA) has expressed concern that the Australian Taxation Office (ATO) has yet to finalise a number of the documents necessary to underpin the implementation of new superannuation contribution arrangements for employers.
In a submission filed with the ATO this month, ASFA has said the changes to data and payments standards represent a significant task affecting every employer in Australia.
"With some 800,000 employers to be moved from existing arrangements to the new arrangements over a period of three years it is essential that implementation occurs in an orderly and controlled fashion that maintains confidence in the superannuation system," it said.
However the submission said the task had been made more difficult for superannuation funds as some documents that are critical to the development and testing of system solutions are yet to be finalised by the ATO.
The ASFA submission said that the organisation welcomed a reaffirmation of the ATO's decision to be actively involved in the induction of employers to the Standard, noting that the "implementation of the Standard with respect to contributions is far more complex than with respect to rollovers".
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