ASFA welcomes ATO’s SuperStream role

The Association of Superannuation Funds of Australia (ASFA) has welcomed the Assistant Treasurer’s announcement that the Australian Taxation Office (ATO) will have stewardship of the SuperStream gateway network for the next two years. 

ASFA CEO Pauline Vamos said ASFA wanted ATO’s regulatory reach to extend from superannuation data and payment issues to the SuperStream transaction network gateways. 

She said the ATO was well equipped to take on this role, as the “interoperability” of the system involved not just superannuation funds but payroll firms, software providers, gateways and clearing houses. 

“The development of an industry-led governance body for the long term is a complex task,” Vamos said. 

“This announcement will provide a realistic amount of time for the industry to work together to determine the appropriate arrangements.” 

ASFA’s support follows Assistant Treasurer Arthur Sinodinos’ announcement yesterday that the ATO would have stewardship of the SuperStream gateway. 

He said ATO’s duty during this time would include formulating an industry agreement on the design of a self-regulated industry-funded governance body. 

“ASFA has produced a report outlining the potential legislative and funding structures of a governance body; however the framework for SuperStream needs to be finalised first,” Vamos said.