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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
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