This month the ATO released the latest SuperStream certified product register list and we can now proudly announce that Reckon Accounts and Reckon Accounts Hosted are Gold certified and SuperStream compliant. We have a number of options available to customers and partners to meet their superannuation obligations including two gateway partnerships and standard SuperStream Alternative File Format (SAFF) sending.
Shortly we plan on releasing SuperStream functionality for Reckon One and will proceed with ATO certification – we will have further details to share with you in the near future including the Reckon One integrated super payments solution.
What is SuperStream?
SuperStream data is in a standard format so it can be transmitted consistently across the super system – between employers, funds, service providers and the ATO. The data is linked to the payment by a unique payment reference number.
Simply, SuperStream is a government reform under (Standard Business Reporting) SBR, aimed at improving efficiency of the super payments from all employers in Australia.
SuperStream is not a product, but a function. It is a new way to submit payments using data standards across all funds, gateways, software developers and SMSF administrators.
Employers can make all their contributions in a single transaction, even if they’re going to multiple super funds.
People can be more reliably linked to their super, reducing lost accounts and unclaimed monies.
The primary goals of SuperStream are to simplify payments and remove cheques.
For Businesses and Employers:
It provides a simpler, consistent method of preparing contributions, and in many cases, a single channel for interacting with multiple funds.
It will improve your business, by simplifying the contribution process.
It will be easier to manage and report on.
Contributions can be made in cycles that suit your business. If you pay your employees weekly, you can choose to pay their superannuation weekly or you can pay by the standard quarterly cut off dates.
It will result in reduced costs in doing your work.
Contributions payment will be reflected in Superannuation Accounts much faster, (around 2-5 days) currently it can take up to 30 days.
Compliance will ensure that lost payments become a thing of the past, as validations occur prior to any submission.
Reduced administration costs for members.
Higher life-time savings as the contribution will be in your fund sooner allowing it to be invested sooner.
Fewer lost accounts.
How does SuperStream impact on Reckon Software?
As a payroll software provider, SuperStream will directly impact on how we at Reckon capture superannuation data and what we do with it.
With the Reckon Software all our software is affected, Payroll Premier, Reckon Accounts Desktop and Hosted and the SuperLink function. If you haven’t updated your Reckon software for years (especially if it is still called Quickbooks) then you will need to update to be SuperStream compliant. The biggest impact outside of the Reckon software is the removal of manual payments and paper forms.
Today, Reckon Accounts software meets the SuperStream requirements by providing:
New Fields and updates to Payroll Premier & Reckon Accounts (Desktop and Hosted).
Reckon already captured the majority of the data requirements of SuperStream, so you will see little impact on your workflows.
Reckon software is ready and compliant with SuperStream data formats.
Partnership with Ozedi Direct and NAB SuperPay.
Option to generate the standard SAFF file, which will allow you to partner with any SuperStream gateway provider.
Reckon has partnered with Ozedi Direct and NAB SuperPay
1. Reckon Superstream powered by Ozedi Direct
Reckon has partnered with Ozedi, one of a small number of SuperStream gateways available which accepts data from employers and then provides a service to send superannuation contributions through the SuperStream network to the receiving funds. Our solution, Reckon SuperStream is now available with Reckon Accounts and Reckon Accounts Hosted.
For more information on Reckon Superstream powered by Ozedi please Click Here.
Pricing for the Reckon Superstream solution is based on usage. There are several tiers of pricing based on a range of the number of employees. If a user regularly exceeds the plan they choose, they can move to a higher pricing tier without penalty.
2. NAB SuperPay solution
If your preference is to use the NAB SuperPay solution for SuperStream compliance, the on-boarding process is managed directly by NAB and not Reckon. Generally NAB will contact a client within 24hrs once a request is submitted through their website.
If you are not known to NAB (i.e. you do not currently hold a banking account with NAB), then the on-boarding time will depend on how quickly you can produce the 100 point ID check to NAB, in a face to face situation with a branch. The process from here is managed by NAB directly through their normal on-board/sign-up processes.
If you are known to NAB, then this step is not required, and it is simply NAB providing you details to access NAB SuperPay.
The costs are as follows for all Reckon Customers;
For Superlink customers who used the service up until November 2014:
On-boarding costs – waived.
Per transaction fee – 25.3 cents (inc GST).
For new customers (i.e. not Superlink):
On-boarding fee – $165 (inc GST) for all Reckon customers (if they are not a Reckon customer, then the retail fee directly with NAB is $330 inc GST).
Per transaction fee at 25.3 cents (inc GST).