As part of the ATO's engagement with APRA-regulated funds, we provide diagnostic reports to 261 large APRA-regulated funds to help trustees assess how well they are meeting their superannuation reporting obligations. This helped to resolve any issues and improve reporting processes. The diagnostic report provides detailed information across 13 individual performance measures.
For 2015–16, funds were able to compare their performance against the previous year, as well as see how they performed in relation to their industry peers. The reports show an overall improvement, with 55% of APRA-regulated funds having improved their superannuation reporting performance over the previous year.
We also provided greater certainty on reporting requirements in the context of mergers and acquisitions. In May 2015, we released an Involuntary superannuation account transfer protocol, developed in consultation with the industry. In 2015–16, the protocol was used to assist 17 funds and administrators with restructures, change of administrator and system platform changes, spanning a large number of members and millions of dollars in assets. We received positive feedback from industry.
We have made further enhancements to our enabling services to make it easier for funds to access and receive SuperStream transaction information. By 30 June 2016, over 98% of APRA-regulated funds were processing rollovers between member accounts under the standard.
APRA-regulated funds now have timely access to online services, including the fund validation service (for checking other funds' details before actioning a rollover) and the SuperTICK service (for validating rollovers). These services have cut the amount of time it takes to action a rollover to just three days. Around 6.5 million SuperTICK transactions for rollovers and contributions were undertaken by funds in 2015–16.
The industry has estimated that use of the SuperStream standard for account rollovers saves $40–$65 per transaction for APRA-regulated funds, or $100 million per year in total. Greater use of technology to process super transactions is also reducing the risk of internal fraud for funds.