The Federal Budget has provided $467.1 million over seven years (including $41.2 million in 2016-17 and $40.9 million in 2017-18) to implement the SuperStream reforms that are part of the package of Stronger Super reforms.

 

The cost of implementing the SuperStream reforms will be recovered through a temporary levy on Australian Prudential Regulatory Authority regulated funds from 2012-13.

 

The additional SuperStream levy will be AU$121.5 million in 2012-13, AU$111.1 million in 2013-14, AU$83.1 million in 2014-15, AU$69.3 million in 2015-16, AU$41.2 million in 2016-17 and AU$40.9 million in 2017-18.


The changes implement the recommendations of the Cooper Super System Review of superannuation and are designed to improve the  superannuation system through better use of technology and by standardising data and payment requirements for member-related superannuation transactions such as contributions and rollovers.

 

The funding will be invested in information technology systems for agencies such as the Australian Taxation Office (ATO).

 

Initial funding of $14.6 million was provided to the ATO in the 2011-12 Budget to develop a business case and undertake initial expenditure on the SuperStream project.

 

Further information can be found in the Government Response to the Super System Review at http://strongersuper.treasury.gov.au.