The Australian Prudential Regulation Authority (APRA) announced last month it is loosening SuperStream reporting requirements after it received submissions from super industry bodies.
The prudential regulator said the superannuation reporting standard on SuperStream benchmarking measures has been changed in relation to information relating to contributions, including the take up of fully SuperStream compliant contributions, alternate channels and non-conforming channels.
APRA announced the changes to ‘Superannuation Reporting Standard SRS 711.0 SuperStream Benchmarking Measures' in a letter to all registrable superannuation entity licensees.
"These revisions will reduce the cost of reporting under SRS 711.0 to the industry, whilst ensuring that meaningful metrics are gathered regarding the extent to which key SuperStream outcomes are achieved," APRA said in a letter.
APRA said reporting of information on rollovers will not be required under SRS 711.0 and the changes have been made in consultation with the Treasury and the Australian Taxation Office.
"Given the significant outlays on SuperStream by funds, employers and the Commonwealth, it is important to collect sufficient information to allow a reliable assessment of the costs and benefits of the SuperStream package," APRA said.
