In a statement released yesterday, assistant treasurer Mathias Cormann said the ATO will provide further information to industry through its regular consultative forums.
Mr Cormann said the government “remains committed to the effective implementation of the SuperStream reforms in close cooperation with all stakeholders”.
The government has also released a discussion on the unclaimed monies provision.
A communication from Mathias Cormann stated that the government opposed the previous Labor government’s decision to reduce the period of inactivity required before bank accounts and unclaimed life insurance amounts are transferred to the government from seven to three years.
“These changes have caused substantial and ongoing disruption for affected account holders and the financial services industry,” said Mr Cormann.
He said the government is looking for submissions to the discussion paper to ensure it provides a “better balance of protecting the value of an account holder’s funds” and makes it easier for people to be reunited with their funds.
“In addition to discussing the possibility of extending the required period of inactivity, exempting a broader range of products and addressing privacy concerns, the government is also seeking views on how to reduce the regulatory burden,” said Mr Cormann.
The initiative is consistent with the government’s commitment to reduce $1 billion worth of red and green tape each year.
Submissions for the discussion paper close on 11 July 2014.
