SuperStream breaches may have already occurred
A number of super funds may not have complied with the first benchmark in implementing SuperStream changes, according to Bravura Solutions business development director John Burke.
Burke said his conversations with clients had highlighted that a number of super fund trustees had not yet organised a rollover gateway.
Without a gateway, super funds could not provide the Australian Taxation Office with the permanent IP address it needed to make fund validation services available to SuperStream participants — and the deadline for registering the IP address was 2 April, Burke said.
Although trustees could register a temporary IP address, they needed to give the Australian Taxation Office 10 days notice prior to the changeover, Burke warned.
Burke said some might assume rollovers would not be sent on the first day of implementation, but industry participants planned to begin processing rollovers on 1 July.
"If you believe on that first day nothing's going to land on your doorstop, you might not be planning most effectively," he said.
Super funds' "business transformation" should already be underway, Burke said, although how funds approached the task would vary according to how far along the path they were.
As a starting point, super funds should remember it's a member-centric solution he said.
"The drivers are about efficiencies of taking money from one place and applying it as quickly to member accounts…and also about operational efficiencies put in place to lower costs that are passed on to members," he said.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
Australia’s largest super fund, AustralianSuper, has announced multiple additions to its executive leadership team to focus on global growth and innovation.
Super Review rounds up last month’s biggest people moves in the superannuation industry, including a new fund chair and a private markets head.
Investment returns for the Future Fund hit a milestone in September, adding $200 billion in value for the first time ever.
Australia’s largest super funds have deepened private markets exposure, scaled internal investment capability, and balanced liquidity as competition and consolidation intensify.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
