SuperBanking option

SuperBanking option

With the introduction of Superannuation Choice from 1 July 2005, many employers may have to send super payments to many different super funds. The SuperBanking will help ease the extra burden on payroll staff of paying the different funds, and sending details of the employees to the funds.

The SuperBanking option will generate a file as part of the monthly report process. This file has the same format as the file prepared by PAY-PACK with Bank Direct Entry. When you are ready to pay the funds, you send this file through your banking software, and so pay the contributions to the super funds.

For each different super fund, PAY-PACK SuperBanking will give you three options:

Pay the fund, and write details of each individual employee. The super fund will receive a separate banking transaction for each individual’s contribution.
Pay the fund the total contribution for all employees. You will need to inform the super fund of the different individuals by report or by preparing a file as on Page 149 of the manual.
Not pay the fund by direct deposit.

The SuperBanking option will let you pay three types of contribution and distinguish each of them:

Superannuation Guarantee (i.e. 9%).
Salary Sacrifice.
Employee Superannuation Deduction.

PAY-PACK version 8.05 has one modification that could be useful for SuperBanking. It lets you enter an Employer ID, which some superannuation funds (mainly industry-based funds) prefer in order to identify the employer. If you do not specify the Employer ID, PAY-PACK will write your ABN.

The SuperBanking option will work for monthly contributions, but not for quarterly contributions. You will need the Bank Direct Entry option for it to work. The cost of the SuperBanking option is $330 for the main PAY-PACK license, and $55 for each subsidiary license. These amounts include GST.