Treasury has released draft legislation for the roll over of superannuation account balances.
The regulations support the operation of the superannuation data and payment standards and relate to the streamlining of the super fund back-office systems, an initiative known as SuperStream.
The proposed regulations will amend the Superannuation Industry (Supervision) Regulations 1994.
Under the scheme, superannuation funds and employers will be required to send contributions and rollovers electronically.
Industry participants have until 16 October to make a submission to the draft legislation.
The government is hoping SuperStream will ultimately reduce administration costs by $1 billion a year across the superannuation industry.
