SuperStream sees 70% of member contributions
Wednesday, 16 March 2016 9:53am

Over 70% of members' superannuation contributions to APRA-regulated funds are being sent through SuperStream, according to ATO figures.

The new electronic payment standard saw 22.8 million contribution transactions in the September 2015 quarter alone.

"This is good news for the millions of super fund members who receive employer contributions as we are now seeing the promise of SuperStream efficiencies being delivered," said ATO deputy commissioner for superannuation James O'Halloran.

"We are very pleased with the progress shown by APRA-regulated funds in onboarding employers to this new system and expect momentum to continue through to the small business deadline of 30 June 2016."

He added, "The results confirm what we have been seeing in other data we monitor. 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."

The ATO research also found that over 60% of employers surveyed were aware of SuperStream, with 69% of large employers, 64% of medium employers and 17% of small employers reporting being "well advanced" in their implementation of the system.

The employers who had implemented SuperStream and completed one or more payments cycles reported a roughly 70% reduction in the average time taken to complete superannuation contribution transactions.

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