POWERED BY MOMENTUM MEDIA
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
Super funds had a “tremendous month” in November, according to new data.
Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion.
APRA has raised an alarm about gaps in how superannuation trustees are managing the risks associated with unlisted assets, after releasing the findings of its latest review.
Compared to how funds were allocated to March this year, industry super funds have slightly decreased their allocation to infrastructure in the six months to September – dropping from 11 per cent to 10.6 per cent, according to the latest APRA data.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 3 y p.a(%)
