First SuperStream contributions processed
The ATO has announced that the first SuperStream contribution transactions have been successfully processed.
In a statement released earlier this week, the ATO said this represents a “significant milestone” for SuperStream implementation.
The transactions were processed in early August with the first group to participate in the SuperStream induction process, the ATO stated.
“The experience of this first group highlights the benefits which SuperStream will bring, with an end-to-end flow of data and payments from employers to super funds,” the ATO said.
“This is a real credit to those participants who are leading industry with this change.”
The ATO recently announced that the date by which superannuation funds must comply with the SuperStream contributions data standards has been pushed back to 1 July 2015.
Speaking previously to SMSF Adviser, the ATO's national program manager, data standards and e-commercise (SuperStream) Philip Hind said he is concerned that super members could “read too much” into the announcement, and that the extension should not act as reason to delay being SuperStream-ready.
“It is important that trustees get in place the arrangements sooner rather than later and certainly not leave it until the last minute,” Mr Hind said.
“They are likely to run into problems with getting it complete on time, or not being able to implement, and then they are going to face the potential non-compliance issues.”