The IQ Business Group, Australia (IQBG) today launched its SuperStream Readiness White Paper as it works with the superannuation industry to identify the drivers for industry change and provide a roadmap of preparation and solutions recommendations for the Stronger Super initiative.
The SuperStream Readiness White Paper considers the operational and Information Technology (IT) impacts; which issues and changes staff will be facing; the processes that will require change and how and where to avoid penalties for non-compliance as part of the Governmentâs legislative changes to the superannuation sector.
âThe SuperStream Readiness White Paper has been prepared to translate the Government âs Stronger Super initiative into an operational check sheet for potential issues, impacts to business and provide a roadmap of how to achieve the increased efficiencies which will be required to enable a more effective superannuation industry,â outlined IQBGâs CEO, Graham Sammells.
âWe have assessed which decisions have been made by Government, which recommendations are still pending and have flagged how you can avoid the penalties of not meeting Government and investor requirements. Changes are expected as part of legislative amendments in order to make the superannuation industry more effective and easier to do business with,â he continued.
The SuperStream Readiness White Paper will provide industry consultation on
â¢ Mandatory minimum data
â¢ Unidentifiable members
â¢ ATO-Notified new member details
â¢ Standardised forms
â¢ Standardised forms to be mandated
â¢ Non-STP costs passed on
â¢ Administrators must be electronic
â¢ Standard Business Reporting
â¢ Two-day clearing house turnaround
â¢ Privacy implications
â¢ Auto consolidation
â¢ ATO Membership âhubâ
â¢ Cross-fund consolidation
â¢ Proof of identity for new entrants and roll-ins
â¢ Contribution Frequency
â¢ Treasury to implement
IQBG is encouraging industry participants to undertake a âbusiness readinessâ assessment as the first step in road mapping the changes that are necessary in order to be prepared for impending Stronger Super enhancements. Itsâ CEO, Graham Sammells has been recently re-appointed as Chair of the ASFA Electronic-Commerce Policy Sub-Committee as it maintains a high level of industry participation and policy influence.
The SuperStream Readiness White Paper importantly also outlines a summary of the SuperStream changes and guides readers through three major focus areas with appropriate recommendations for examining existing processes and systems whilst organisations find themselves either increasing or decreasing the complexity of necessary business solutions.
IQBG has been providing superannuation funds and service providers with operational and IT insights for more than a decade. It is recognised as the premier consulting organisation for superannuation organisations and is recognised as the leading consultancy for implementing solutions that improve efficiency and effectiveness.