Media Release

More Flexibility For Superannuation Funds In Receiving Contributions

MC 49/14

Senator the Hon. Mathias Cormann
Minister for Finance
Acting Assistant Treasurer

26 May 2014

The Government is today announcing increased flexibility for the superannuation industry as it continues to make the necessary changes to implement the SuperStream contributions data standards.

Superannuation funds will have up to 1 July 2015 to meet the new standards.

SuperStream introduces e-commerce to the back office functions of the superannuation industry, reducing transaction costs and processing times.

The Australian Taxation Office will provide more information to industry through their regular consultative forums.

The Government remains committed to the effective implementation of the SuperStream reforms in close cooperation with all stakeholders.

[ENDS]

Media Contact(s): 

Karen Wu - 0428 350 139