Assistant Treasurer Arthur Sinodinos has announced the Australian Taxation Office (ATO) will have stewardship of the SuperStream gateway network for two years.
During this time the ATO’s duty will be to bring about an industry agreement on the design of a self-regulated industry-funded governance body.
It will have to formulate the administrative framework to allow a smooth transition to self-regulation, which is set to happen in the second quarter of 2016.
It will assemble a governance group comprised of industry participants, including gateway operators, employer representatives and superannuation funds.
“During this initial two-year period, the ATO will be responsible for providing clarity and certainty to the gateway operators and other members of the superannuation industry regarding the network’s operation,” Sinodinos said.
After the transition the ATO will play only a participatory role as a member of the governance body.
It is estimated that SuperStream, which aims to introduce e-commerce to the back office of the superannuation industry, will deliver $1 billion worth of savings to the industry by reducing transaction costs and processing times.
