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SuperStream goes live for first group
The first cohort of participants has successfully processed SuperStream contribution transactions as part of the first group taking part in the induction process.
The Australian Taxation Office (ATO) announced the transactions were processed during the second week of August.
"The experience of this first group highlights the benefits which SuperStream will bring with an end-to-end flow of data and payments from employers to super funds," the ATO said.
Australian Prudential Regulation Authority fund participants included VisionSuper, AMP, IOOF, CBUS, Hesta and REST.
Other participants included QuickSuper, Australia Post, Class Super SMSFDataflow, and Macquarie SMSF.
Gateways included Westpac, GBST, Message Exchange and Superchoice.
More groups are set to take part in the induction process from August to November.
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The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
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