The Australian Taxation Office (ATO) has urged superannuation funds to bring their reform plans forward to ensure timely compliance with the SuperStream standards for next year.
By June 2013 all superannuation funds will be required to provide their rollovers in an electronic format.
Superannuation funds, however, should now be well into finalising their implementation processes for SuperStream, ATO national program manager Philip Hind said at the annual Conference of Major Superannuation Funds in Brisbane yesterday.
"By December, which is only nine months away, superannuation funds should already be well into the process of working with their employers in implementing the electronic standards," Hind said.
"It is important funds act now as there are big changes that will be needed in order to manage the data that will comply with the economic standards."
REST chief executive Damian Hill said superannuation funds should now look at the changes not as a compliance burden, but as an opportunity.
"These changes will mean an opportunity for funds to improve their member data and with that better member engagement," Hill said.
He also urged funds not to be passive and instead provide their own "carrots" to employers.
"Employers will develop strong relationships with the funds that are ready [with SuperStream]. It is up to you on which position you want to be in," he said.
SuperStream measures would also provide funds with the opportunity to improve their processes, but it was important that funds did not make any current inefficient processes electronic, he said.
