Preparation key for SuperStream changes
The Australian superannuation sector and employer groups need to proactively address and prepare for the changes and requirements brought about by the impending SuperStream legislation, according to the IQ Business Group (IQBG).
Funds will need to review the intricacies of current processes and systems for staff, the firm said, as well as business operations and technology infrastructure ahead of the implementation of the legislation if the changes are to be effectively managed.
In particular, the business solutions provider pinpointed the use of tax file numbers, data standards, expanded electronic commerce and ongoing data quality as key action items in facilitating reduced fees and operational costs.
IQBG chief executive Graham Sammells urged funds to begin making changes in order to stay on top of their game. “Smart organisations will develop a roadmap of initiatives to deal with the pending SuperStream changes,” he said. “While all the details are not yet finalised, we are confident that most of the proposed changes will come into effect and there is enough direction to start working on it now.”
AUTHOR
Angela Faherty
Recommended for you
Super trustees need to be prepared for the potential that the AI rise could cause billions of assets to shift in superannuation, according to an academic from the University of Technology Sydney.
AMP’s superannuation business has returned to outflows in the third quarter of 2025 after reporting its first positive cash flow since 2017 last quarter.
The major changes to the proposed $3 million super tax legislation have been welcomed across the superannuation industry.
In holding the cash rate steady in September, the RBA has judged that policy remains restrictive even as housing and credit growth gather pace.
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(%)
