In a statement, Assistant Treasurer Arthur Sinodinos outlined the use of Standard Business Reporting’s (SBR's) electronic service, Super Tax File Number Integrity Check (SuperTICK), which will replace manual proof-of identity processes.
SuperTICK matches an individual’s tax file number and identity information with the ATO client register, speeding up the efficiency of rollovers under SuperStream.
“The SBR-based service SuperTICK has been one of the key players in improving the efficiency of the superannuation systems,” Mr Sinodinos said.
“It enables APRA-regulated superannuation funds to verify member information needed to process a rollover of member funds from one fund to another.”
With approximately 1.2 million rollovers per year requiring manual verification processes, the government has estimated that SuperTICK will save up to $48 million per annum for the super sector.
Mr Sinodinos has said that SuperTICK is just one example of SBR’s “potential to reduce red tape and the regulatory reporting burden for business through standardised electronic reporting”.
