SuperStream is the name given to the package of proposals for improving the processing of everyday superannuation transactions in Australia. As part of SuperStream, the Government intends to improve the quality of data in the system, allow the use of tax file numbers (TFNs) as the primary account identifier (from 1 July 2011), and encourage the use of technology to make processing more efficient. SuperStream also aims to improve the way fund-to-fund rollovers are processed and the way contributions are made.
On the 21st September, 2011, the Assistant Treasurer Bill Shorten announced the Government's Stronger Super measures. A series of initiatives, known as SuperStream, will be the key enabler for these measures which include the development and adoption of industry-wide standards for data and e-commerce. The Standard Business Reporting (SBR) Program will be used as the platform for the development of the data standards and messages for use by the superannuation industry for both data sharing within the industry and reporting to government. The aim of SBR is to reduce the burden on business of reporting to government.
The Australian superannuation system processes more than 100 million transactions per year, at a cost of over $3.5 billion. Therefore, the potential impact on the scope and take-up of SBR is significant.
For the first time, SBR standards will be applied to the business-to-business (B2B) environment as SBR-compatible XBRL taxonomies for superannuation rollovers and contributions are made available for use by the superannuation industry.
Another important aspect is that the messaging standards will be mandated for use in superannuation transactions and reporting to government.
In order to meet the timeframes, super funds will need to work with developers to XBRL-enable (184 KB) their software applications.
Fujitsu developed the SBR XBRL Processor at the request of the Australian Government's Standard Business Reporting (SBR) program, an initiative introduced to simplify the way businesses report to government agencies. It has also provided its rich APIs in Interstage XWand to the 12 government agencies involved in the project to enable them to receive and transform XBRL based reports from businesses throughout Australia.
Fujitsu's SBR-compliant solution is available for both Java and .NET and was developed in Australia specifically for SBR taxonomies. By encapsulating the SBR and XBRL rules, it allows developers to conform to SuperStream standards without having to learn XBRL.
XBRL, an international business reporting language, is the foundation of the Australian Governments' SBR program. SBR will simplify business-to-government reporting and save Australian businesses approximately $800 million annually when fully implemented.
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