Why Compliance Testing Of Superstream System?

With growing benefits of Superannuation to the employees, Australian Taxation Office (ATO) stepped ahead with the commencement of SuperStream initiative for more betterment of the Superannuation industry, this year. This package of proposals focused on improving the efficiency of Super transactions by switching over to the electronic processing.

Australian government intended to improve the quality of data in the system by including the usage of Tax File Number (TFN) as the primary identifier of the account, as well. Not only this, with the new data standards, it also improved the way fund-to-fund rollovers and contributions were made to the Super funds. In short, they actually encouraged the use of technology to make the overall Superannuation process smoother and simpler.

Thus, for every organization, compliance testing of their Superannuation process with the SuperStream system has become mandatory. By checking the compliance, you get assurance of following things, which, in the long run, proves to be beneficial in the growth of your organization. Have a look.

• You gain the trust of your customers by supplying them products and services that are compliant with the required industry standards.
• You get the tag of legitimacy of your services and products by getting certification for the testing of your information systems.
• You can ensure your clients that the products and services being offered are free from all sought of errors and do not deviate from requisite rules and standards.

So, make sure to choose a reliable compliance testing platform of SuperStreamsystem for your information system. A small mistake can lead to you downfall, so be cautious!

Automated Test Harness for Efficient Testing

Software development is a seven phase process in which every phase holds its own importance. Though, every phase is significant but testing is considered as one of the critical elements of all. This is because it ensures that the final product meets customer requirements efficiently and is free of errors that could affect the functionality of the system.

Manual procedure can be applied to ensure the functionality however; automated test harness eases the work. With automated procedures the overall speed of the testing process is greatly reduced and accuracy of results is very certain. Besides this one can also enjoy number of other benefits as well. Cast a glance.

·         It results in enhanced productivity because of automated procedure and negligible human interference.

·           There are likely more chances that the regression testing will occur when changes are made to the existing system.

·       Automated test harness increases the quality of software components and applications because of efficient testing process.

·         It also ensures that the following test runs are exact duplicate of the previous ones thus ensuring no alteration in the functionality of the software.

·         It does not require a special time to be done. It can also be done when the office members are not there.

So, when making use of this soft

Importance of Software Compliance Testing

In order to protect the organization’s investments, meeting compliance is quite important. In a worst case scenario, having fully functioning support mechanisms and safety could easily make the difference between life or death and success or failure.

No doubt, compliance testing clearly ascertains the fact that by implementing a product by a particular execution specification caters to all the essential compulsory factors. It also makes sure the fact that these main elements or factors are all set to function without any uneasiness.   

It is not wrong to say that implementation specification has grown over the years and has become much more complicated. With the progression in technology, it only demands that software compliance testing methods should be much more firm.

In accordance to the specifications, compliance testing techniques required to be formed accurately. These methods must be able to solve all the issues and break hindrances that act as trouble in operations. The whole purpose of compliance testing is to make sure that all the processes are followed and there are products that are tested before actual operations start.

Indeed, compliance testing has come out to be a perfect source to maintain the balance in the organization. Not just this, it provides some amazing results that ensure the growth and rising of an enterprise.

A Brief Overview of ATO Superstream

In Australia, a large part of populace is involved in superannuation scheme, which basically refers to the arrangements made by people in order to ensure the availability of funds. However, certain drawbacks were associated with the earlier system, like time taking processing of transactions and unsatisfactory outcomes. This is why; Government commenced the ATO Superstream package, in 2011.

Let us first know what Superstream is:

What is Superstream

It is an ATO (Australian Taxation Office) administered package, to authorize the smooth processing of superannuation in Australia. It is built on the lines of ‘Standard Business Reporting’ linked to the ATO. It was primarily designed to work with accounting systems while keeping a check on standard systems, messaging language and data packaging rules.

With due credit to the multiple features incorporated in this scheme, it has received a great response from the business sector. Given below is a list of its prime benefits include; have a look:

1.To ensure a fully digital process that reduces dependence on manual transactions

2.Removing risk of error in roll-over of money from one fund to another

3.To improve the processing time and contribution of employees

4.Lessen unnecessary member fees and added charges involved in paper transactions

Being a cost-effective technique, ATO Superstream is a great way to promote digitization and reduce manpower crunch. It can be of great benefit from the perspective of both the employees and employers. So, give it a try once and feel the difference, it can make.