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SuperStream breaches may have already occurred
A number of super funds may not have complied with the first benchmark in implementing SuperStream changes, according to Bravura Solutions business development director John Burke.
Burke said his conversations with clients had highlighted that a number of super fund trustees had not yet organised a rollover gateway.
Without a gateway, super funds could not provide the Australian Taxation Office with the permanent IP address it needed to make fund validation services available to SuperStream participants — and the deadline for registering the IP address was 2 April, Burke said.
Although trustees could register a temporary IP address, they needed to give the Australian Taxation Office 10 days notice prior to the changeover, Burke warned.
Burke said some might assume rollovers would not be sent on the first day of implementation, but industry participants planned to begin processing rollovers on 1 July.
"If you believe on that first day nothing's going to land on your doorstop, you might not be planning most effectively," he said.
Super funds' "business transformation" should already be underway, Burke said, although how funds approached the task would vary according to how far along the path they were.
As a starting point, super funds should remember it's a member-centric solution he said.
"The drivers are about efficiencies of taking money from one place and applying it as quickly to member accounts…and also about operational efficiencies put in place to lower costs that are passed on to members," he said.
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