The Assistant Treasurer, Arthur Sinodinos, has announced the Australian Taxation Office (ATO) will have stewardship of the SuperStream gateway network for two years while the network is bedded down.
The move comes in a bid to provide certainty and stability to the superannuation industry through a governance structure for the SuperStream gateway network.
During this two-year period, one of the ATO’s roles will be to put together an industry agreement on the design of a self-regulated, industry-funded governance body.
It will put the required administrative framework in place for a smooth transition to self-regulation, which will happen in the second quarter of 2016.
“During this initial two-year period, the ATO will be responsible for providing clarity and certainty to the gateway operators and other members of the superannuation industry regarding the network’s operation,” Sinodinos said.
After the transition the ATO will play only a participatory role as a member of the governance body.
SuperStream, a project aimed to introduce e-commerce to the back office of the superannuation industry, is estimated to deliver $1 billion worth of savings to the industry by reducing transaction costs and processing times.
