APRA defers SuperStream measure
Yet another part of the Government's Stronger Super policy will not now be implemented before the forthcoming Federal election, with the Australian Prudential Regulation Authority (APRA) having announced the deferral of a key element of SuperStream until the second half of next year.
In a letter sent to all superannuation funds late last week, it acknowledged that the timetable for implementing the use of new superannuation reporting arrangements had been optimistic.
The letter acknowledged that submissions received from the major superannuation bodies, the Association of Superannuation Funds of Australia, the Australian Institute of Superannuation Trustees and the Financial Services Council had all raised concerns about the timetable outlined by APRA.
"In light of those submissions, APRA has decided to defer commencement of the collection of Superannuation reporting Form 711.0 (SRF 711.0) until the first quarter of 2014-15; that is, the first submission of data will not be due until 28 October 2014," the regulator's letter said.
It said that APRA would be consulting further with the industry over the coming months on the issues raised in the submissions.
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