Super Stream - For Reckon

Are you Super Stream compliant?

If you have 19 or less employees, the reforms for SuperStream are in the process of being implemented with the deadline falling on 30 June 2016. If you have 20 or more employees, the deadline has already passed.

If your business is not yet SuperStream compliant, we are here to help.

SuperStream is intended to ensure the back office part of super administration is more efficient and therefore more cost-effective.

To meet the ATO’s SuperStream requirements, all regulated superannuation funds must have a new identifier – a unique superannuation identifier (USI) – that replaces the previous SPIN. Also, some Self Managed Super Funds (SMSF) will be required to have an Electronic Service Address.

 

NAB Super Pay

NAB Super Pay makes it easy to process Super contributions with one payment per cycle for all employees, across all funds.

As an existing Reckon customer, you have access to use NAB Super Pay at preferential rates. This means you can now do your banking & payroll and process your super contributions all online.

NAB Super Pay-For Employers Fees and Charges Schedule

eContributions Fees

 

Implementation Fee

Waived

Monthly Access Fee

$11.00 per month

Contribution Fee

$0.28 per transaction

 

See how simply and efficiently NAB Super Pay can help streamline the processing of your employees' Super contributions.

Watch this video:

 

How does it work?

All employees need to complete Section A & B of an ATO Superannuation Standard Choice Form. Please note, your employees may need to contact their super fund to obtain the correct information including their USI number. 

Check that each employee has been assigned the correct super fund and membership number in Reckon.

Please ensure that all of the employees details are entered into Reckon correctly (i.e. name, address, DOB, gender, email address and mobile)

 

How to sign up

1. When you select 'Apply' you’ll download our application form, which includes the Product Disclosure Statement, pricing and Financial Services Guide.

2. Scan your signed and completed application form – then email it to nab.super.pay.onboarding@nab.com.au.

3. After you’ve submitted your form, an on-boarding specialist will email you within two business days to go over the next steps.

Once you are registered

 

Step 1: Log in and submit contribution data via your online portal (See contribution submission options below).

There are two ways to input and submit your employee contribution data into the online portal for processing:

I.Manual entry – you can manually enter contribution information into the Super Pay portal. Information includes employee details, contribution type, period and amount.

II.File upload – you can upload a pre-approved file template that contains contribution information for processing.

The file will contain information including employee details, contribution type, period and amount.

Step 2:  You process a payment for the total of the contribution amount, using the unique identification number provided to you by NAB. Alternatively, if you elect to make payment via direct debit, NAB will process the payment from your nominated account.

Payment options

 

To process your contribution file, you will be required to make a payment for the exact amount. You may do this by making a payment using direct debit, BPAY® or direct credit (Electronic Funds Transfer (EFT).

The processing times for NAB Super Pay are as follows:

Step 3: NAB Super Pay will reconcile the total amount of the contribution data with the payment.

Step 4: Contribution data and monies are sent to superannuation funds.

Reconciliation and Processing Times

 

The table below outlines the reconciliation process, and how and when we release the payment and contribution  

advice to the listed super funds.

Payment Type

How it works

How we process Contributions

Direct Debit

You submit your contribution data via your NAB Super Pay online Portal. NAB direct debits the total contribution amount from your nominated account.

If we receive the contribution details by 4pm (AEST/AEDT) on a business day, we will process the direct debit request the same day and send the contributions within 7 business days of NAB receiving the funds.

BPAY

You submit your contribution data via your NAB Super Pay online Portal. Subsequently, you pay the exact amount by BPAY using the NAB Super Pay BPAY® biller code and the BPAY reference number we give to you upon registration.

 

If we receive both the contribution details and the correct payment amount by 5pm (AEST/AEDT) on a business day, we will send the contributions within 7 business days.

EFT

You submit your contribution data via your NAB Super Pay online Portal. Subsequently, you pay the exact amount by EFT, using the BSB and account number we give to you upon registration.

If we receive both the contribution details and the correct payment amount by 5pm (AEST/AEDT) on a business day, we will send the contributions within 7 business days

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

You must ensure that any payments you wish to make in relation to a contribution period are made (if you are paying by BPAY or EFT) or there are cleared funds available in your nominated account (if you have given NAB a direct debit authorisation) at least 7 days before the end of that contribution period in order for your contributions to be received by the nominated superannuation fund on time. To ensure all contributions are processed without any delays, contributions and payments should be processed the same day.

In the event this does not occur, NAB will hold the contribution data or payment for up to 5 days prior to rejecting the contribution data or returning the payment, respectively.

 

We are currently taking expressions of interest for free seminars to aid you in registering your business for auto super through NAB Super Pay if you require help. If you have been through this information and need a hand setting up your Superstream call us on 4903 1111.