BGL’S managing director, Ron Lesh, said clients need to register their funds with Australia Post for SuperStream so they can receive contribution data when it starts to flow in July 2014.
“Our team has been working hard with Australia Post to provide an automated registration solution well before the 31 May 2014 deadline” Mr Lesh added.
According to the announcement, BGL will roll out the next stage of SuperStream to clients by July 2014.
“The next stage is where SuperStream becomes a lot more complicated – the automated matching of SuperStream data with contribution amounts received in the bank,” Mr Lesh said.
BGL stated it estimates the cost of SuperStream to the SMSF industry to be “well in excess” of $50 million.
