03 Feb 14 Changes to the consultation arrangements for superannuation
In a media release issued on 31 January 2014, the Assistant Treasurer, Senator Arthur Sinodinos, announced that he was streamlining the consultation arrangements for superannuation as part of the Government's efficiency reforms.
This includes the cessation of three non-statutory bodies that are no longer required: the SuperStream Advisory Council, Superannuation Advisory Committee and the Superannuation Roundtable.
With reforms to the superannuation sector in recent years largely implemented, the work of these bodies has also been completed. Remaining issues are being taken up by forums chaired by the ATO.
In its superannuation election policy, released in September 2013, the Abbott Government committed to prioritising the superannuation industry efficiency reforms — SuperStream — that will allow Australians to consolidate their superannuation and help employers make superannuation contributions with other payments.
The Government remains committed to SuperStream and the ATO will continue to work closely with superannuation funds, fund administrators, employers, and software developers as SuperStream continues to be implemented.
Today's announcement comes after the release of the Government's superannuation discussion paper, seeking input on issues relating to better governance, competition and efficiency in the superannuation system. Consultation for this paper closes on 12 February 2014.