Reckon Limited has partnered with NAB to ensure accounting software is SuperStream compliant by launching NAB SuperPay.
Australian businesses with fewer than 20 employees, APRA-regulated funds and managed superfunds must become SuperStream compliant by June 30, or risk facing penalties by the Australian Taxation Office (ATO).
SuperStream legislation states that all superannuation contributions must be made by electronic payments, therefore businesses much ensure that they have the correct software to do so.
Reckon and NAB are two of the companies who have teamed up to fill this gap to make it easier for businesses to adopt the new software, Reckon CEO Clive Rabie says.
“Our partnership with NAB and the NAB SuperPay solution allows business to enjoy the efficiencies and time savings of paying superannuation contributions electronically as well as piece of mind that they are meeting Australian Tax Office requirements and that their employee’s superannuation is being paid.”
A single data file from Reckon’s payroll is all companies need to provide, plus a single contribution every pay cycle for all employees and funds. The information is reportedly checked, cross-referenced and processed through NAB SuperPay gateway.
NAB Transactions Products and Payments general manager Deanne Keetelaar says “This new integrated solution means that employers can cut down on administrative processes and receive more time to do what they do best-running their business.
By minimising the impact of compliance for employers, we are enabling a more effective and efficient way of doing business.”
NAB SuperPay is available to Reckon clients on the $5 per month payroll module, while clients on the $3 per month payroll module will be able to use the SuperStream Alternate File Format (SAFF) for manual payment processing from July 1.