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Over 70 per cent of contributions using SuperStream
Over 70 per cent of members' super contributions to Australian Prudential Regulation Authority (APRA) regulated funds are being sent through the SuperStream format, according by the Australian Taxation Office (ATO).
ATO and APRA benchmarking survey found during the September quarter 2015, 22.8 million SuperStream contribution transactions were processed.
ATO deputy commissioner for superannuation, James O'Halloran, said the ATO was pleased with the take-up of the system and expected the momentum to continue through to the small business deadline of 30 June 2016.
"Most large and medium employers are now compliant with SuperStream and more than half of all small businesses are SuperStream ready ahead of the 30 June deadline," O'Halloran said.
However, he said it was too early to draw any conclusions form the cost data collected in the APRA survey.
The ATO said the majority of employers that have implemented SuperStream were already experiencing benefits, including an overall 70 per cent reduction in the time it takes to meet their super obligations.
SuperStream reduces the cost of procession contributions by removing manual effort and complexity.
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