This follows the announcement by Assistant Treasurer Arthur Sinodinos that the SuperStream Advisory Council, the Superannuation Advisory Committee and the Superannuation Roundtable have been disbanded, as reported by InvestorDaily on Friday.
ASFA is requesting the Australian Taxation Office’s regulatory reach to be extended to superannuation data, and payment matters to the gateways that are part of the SuperStream transaction network.
The industry body said currently there are no formal arrangements in place for the network, with the process for authorising new gateways into the network and gateway technical certification yet to be established.
ASFA chief executive Pauline Vamos said this is a significant risk for the superannuation system, which if not addressed could jeopardise the delivery of the SuperStream reforms.
"SuperStream will be a game changer for employers, fund members and funds, including self-managed superannuation funds, who will benefit from improved data quality, reduced transaction costs and the more timely processing of transactions,” she said.
“However, we are concerned that without direct and immediate government management through the ATO of the superannuation transaction network of gateways, the SuperStream vision will not be delivered.”
Ms Vamos said the disbanding of the SuperStream Advisory Council means it is increasingly important the government establish the appropriate governance arrangements.
“We call on the government to urgently address this issue so that employers and fund members are able to reap the benefits resulting from the smooth delivery of SuperStream," she said.
According to Ms Vamos, the extension of ATO operations could be funded from the existing SuperStream levy.
