POWERED BY MOMENTUM MEDIA
Over 70 per cent of contributions using SuperStream
Over 70 per cent of members' super contributions to Australian Prudential Regulation Authority (APRA) regulated funds are being sent through the SuperStream format, according by the Australian Taxation Office (ATO).
ATO and APRA benchmarking survey found during the September quarter 2015, 22.8 million SuperStream contribution transactions were processed.
ATO deputy commissioner for superannuation, James O'Halloran, said the ATO was pleased with the take-up of the system and expected the 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," O'Halloran said.
However, he said it was too early to draw any conclusions form the cost data collected in the APRA survey.
The ATO said the majority of employers that have implemented SuperStream were already experiencing benefits, including an overall 70 per cent reduction in the time it takes to meet their super obligations.
SuperStream reduces the cost of procession contributions by removing manual effort and complexity.
Recommended for you
Superannuation funds have posted another year of strong returns, but this time, the gains weren’t powered solely by Silicon Valley.
Australia’s $4.1 trillion superannuation system is doing more than funding retirements – it’s quietly fuelling the nation’s productivity, lifting GDP, and adding thousands to workers’ pay packets, according to new analysis from the Association of Superannuation Funds of Australia (ASFA).
Large superannuation accounts may need to find funds outside their accounts or take the extreme step of selling non-liquid assets under the proposed $3 million super tax legislation, according to new analysis from ANU.
Economists have been left scrambling to recalibrate after the Reserve Bank wrong-footed markets on Tuesday, holding the cash rate steady despite widespread expectations of a cut.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
