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!
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