SuperStream Gateway provider GBST has initiated the delivery of the industry’s first live electronic choice contributions messages destined for self-managed super funds (SMSF).
The messages, which have been live since 4 August, provide information on superannuation contributions from the employer right through to the end accountant and administration systems, and are accessible to investors.
“Everyone in the industry sees this as a step in the right direction,” GBST head of wealth management business development Damien diPietro told selfmanagedsuper.
“Superannuation is quite a manual process, it’s intensive, so everyone is quite supportive of [the live contributions],” diPietro said.
Currently GBST has enabled SuperStream capability for Class Super and leading banks and is looking to expand its services to other providers.
“We’re absolutely in discussion with other groups,” diPietro said.
GBST’s Gateway has allowed its superannuation fund, bank and SMSF service provider clients to complete the goals of the SuperStream program to commercially process rollovers and contributions electronically.
“The go live of our SuperStream Gateway for facilitating SuperStream-compliant contributions and delivery to the leading SMSF service providers is crucial for SMSF trustees,” GBST Wealth chief executive Rob De Dominicis said.
“This level of automation will contribute positively to Australia’s rapidly growing SMSF sector.
“Enabling safe and successful delivery of contribution information to the SMSF sector is key to making SuperStream a reality for employers.”
Class Super, a key member of the initial GBST Gateway group, is now receiving contributions and is processing through to end ledgers on behalf of its clients.
“The ability for key players to collaborate and deliver innovative solutions like SuperStream is a great indicator of the technical capabilities within the SMSF sector,” Class Super chief executive Kevin Bungard said.
The GBST SuperStream Gateway provides a fully compliant messaging hub that sends and receives Australian Taxation Office standards-compliant documents to and from other SuperStream participants.
