SuperStream research-employers and APRA funds
The number of members benefiting from faster and more efficient processing of their super contributions is continuing following the introduction of SuperStream.
It is pleasing to report that more than 70% of members’ super contributions to APRA-regulated funds are being sent electronically in the new SuperStream format, according to benchmarking survey results released today by the Tax Office.
‘This is good news for the millions of super fund members who receive employer contributions as we are now seeing the promise of SuperStream efficiencies being delivered’, says James O’Halloran, Deputy Commissioner for Superannuation in the ATO.
During the September Quarter 2015, 22.8 million SuperStream contribution transactions were processed.
SuperStream reduce the cost of processing contributions by removing manual effort and complexity in the system, improving data integrity and enabling high rates of straight-through processing.
‘We are very pleased with the progress shown by APRA-regulated funds in onboarding employers to this new system and expect momentum to continue through to the small business deadline of 30 June 2016’.
This is the first in a series of benchmark surveys being conducted quarterly by APRA and the ATO to assist in measuring the implementation benefits of SuperStream.
As additional results are compiled each quarter, the ATO will publish analysis of the trends. The December Quarter 2015 data are currently being processed by APRA and will be released shortly.
“The results confirm what we have been seeing in other data we monitor. Most large and medium employers are now compliant with SuperStream and more than half of all small businesses are SuperStream ready ahead of the 30 June deadline”, Mr O’Halloran said.
Mr O’Halloran noted that it is too early to draw any conclusions from the cost data collected in the APRA survey.
In addition, employer research conducted on behalf of the ATO confirms the majority of employers that have implemented SuperStream are already experiencing benefits, including an overall 70 per cent reduction in the time it takes to meet their superannuation obligations.
Data submitted to APRA on superannuation reporting form SRF 711.0 SuperStream Benchmarking Measures are provided in Table 1.
The Superannuation Reform employer research report is available at Superstream research - employers and apra funds.
Other data quoted in this press release is based on ATO estimates of employer take-up of SuperStream and recent market research.
SuperStream research about employers and APRA fundsLast modified: 22 Mar 2016QC 48525