SuperStream solution for non-compliant SMEs
As the SuperStream compliancy deadline of June 30 approaches, National Australia Bank (NAB) and Reckon Limited have partnered to help around 300,000 small to medium-sized enterprises (SMEs) at risk of not complying with the new superannuation data processing standards.
The newly launched NAB SuperPay works as a SuperStream gateway provider to ensure businesses are compliant with the government's SuperStream legislation. The new measures to be imposed after the deadline will require all superannuation contributions to be made by an electronic payment system.
Reckon chief executive, Clive Rabie, said "Reckon has made it easier than ever to help businesses become SuperStream compliant".
"Our approach to the SuperStream legislation was to provide customers with an integrated and streamlined approach that had minimal impact to their day-to-day business activities."
By using the new SuperPay technology, businesses submit one data file from Reckon's payroll system, making one online contribution per cycle for all employees across all funds. The information is the validated and delivered through the NAB SuperPay secured gateway.
NAB transactions products and payments general manager Deanne Keetelaar said that the partnership was offering businesses a simpler and more efficient online solution that could allow Reckon customers to manage superannuation contributions and meet new legislative SuperStream requirements.
"We are excited about taking our partnership with Reckon a step further and enabling Reckon customers to have a more efficient experience when dealing with SuperStream compliance," said Keetelaar.
"By minimising the impact of compliance for employers, we are enabling a more effective and efficient way of doing business."
Recommended for you
Australia’s largest super funds have deepened private markets exposure, scaled internal investment capability, and balanced liquidity as competition and consolidation intensify.
The ATO has revealed nearly $19 billion in lost and unclaimed super, urging over 7 million Australians to reclaim their savings.
The industry super fund has launched a new digital experience designed to make retirement preparation simpler and more personalised for its members.
A hold in the cash rate during the upcoming November monetary policy meeting appears to now be a certainty off the back of skyrocketing inflation during the September quarter.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
