Mr Sinodinos said the SuperStream reforms were first introduced to encourage e-commerce into the ‘back office’ of the superannuation industry and that the gateway network is a major part of this.
During the two-year period, he said the ATO will be responsible for facilitating “an industry agreement on the design of a self-regulated, industry funded governance body”.
“The ATO will put in place the required administrative framework to allow for a smooth transition to self-regulation, which will occur in the second quarter of 2016,” said Mr Sinodinos.
Mr Sinodinos said once the transition occurs, the ATO will “maintain only a participatory role as a member of the governance body”.
“The government remains committed to SuperStream and the ATO will continue to work closely with superannuation funds, fund administrators, employers and software developers as SuperStream continues to be implemented,” he said.
