ATO processes first Superstream contributions

The ATO has commenced processing its first Superstream contributions from August 2014, with further selected groups adopting the new procedures through to November 2014 as part of an induction process.

SuperStream refers to a suite of measures designed to help make the back office operation of super funds more efficient.  It requires employers to process contributions electronically ensuring that payments and data are provided on the same day, under a new Data and Payment Standard.

The Superannuation Funds and providers participating in the First Group identified as part of the pilot scheme were, VisionSuper, AMP, IOOF, CBUS, HESTA, and REST.  Administration service providers included AAS and SuperPartners.

The ATO has confirmed that they have received confirmation of end to end transactions from most of the transactions undertaken to date.

 

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