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
The Future Fund’s CIO Ben Samild has announced his resignation, with his deputy to assume the role of interim CIO.
The fund has unveiled reforms to streamline death benefit payments, cut processing times, and reduce complexity.
A ratings firm has placed more prominence on governance in its fund ratings, highlighting that it’s not just about how much money a fund makes today, but whether the people running it are trustworthy, disciplined, and able to deliver for members in the future.
AMP has reached an agreement in principle to settle a landmark class action over fees charged to members of its superannuation funds, with $120 million earmarked for affected members.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
