Industrial Update: NSF Super

13
Aug

Nationwide Superannuation Fund (NSF Super) 

What is SuperStream? 

SuperStream is a government initiative that is aimed at streamlining the super system for employers. It aims to simplify how contributions are made, saving time and reducing costs. This includes making contributions and supplying member information electronically.

 Depending on the size of your business there are different deadlines, you must meet to start making your contributions in a ‘compliant’ manner. Visit the ATO website at www.ato.gov.au/superstream for more details. 

A ‘clearing house’ may help 

A clearing house is a payment service that allows you to make all of your super payments in a single transaction, regardless of which super fund your employees are with. This payment service may also help you meet your SuperStream obligations. 

Simplify your super contributions – SCH Online!

For those employers using NSF Super – the solution available is called SCH Online* – the easiest way to pay your super contributions – because you only pay once, and you can access it through your online EmployerAccess account.

Now you can pay super to all your employees, no matter which fund their super is with, in one convenient session – saving you plenty of time and possible frustration.

How it works
Using the SCH Online clearing house is simple – once you’re registered for EmployerAccess (nsfsuper.com.au/employeraccess), just login and click ‘Setup’ when prompted, to activate your clearing house access (you’ll also need to read the Product Disclosure Statement (PDS) – available at www.sch-online.com.au/company/key-documents/ and agree to the terms).

Before you start making payments, you simply need to enter the details and super fund of choice for each of your employees (a once-off process and can be done via file upload). Then you just make a single payment (electronically) each super period and the clearing house takes care of the rest. A payment and notification is sent on your behalf to each of the super funds you’re making payments to.

Don’t leave it to the last minute, though! You just need to make sure you allow enough time for SCH Online to process your payment (maximum time frame is 10 business days) and send it on to the destination fund to meet your contribution deadlines.

Simply put

Time saver:  Making one payment each super period versus multiple payments to multiple funds WILL save you time (and frustration)

Easy payment options: You can make payments by BPAY®, EFT and Direct Debit

Easy payroll file upload: Upload one file (from almost all payroll systems) for all employees, no matter which fund they are in (example files attached).

Quick direct entry: For businesses with a smaller number of employees, our direct entry allows you to quickly and accurately complete your online super payment

Compliant payments: With SCH Online, you can be sure that your super contribution details will meet the new government requirements under SuperStream

Complete payment history & automatic reports: All payments, for all employees, can be viewed and downloaded

 

NSF Nominees Pty Limited (ABN 29 053 228 667 AFSL 253129) as Trustee of NSF Super (Nationwide Superannuation Fund) (ABN 15 201 768 813). Administered by PSI Superannuation Management Pty Limited (ABN 93 003 422 320). *SCH-Online is operated by The Superannuation Clearing House Pty Limited (ABN 15 086 576 721), a corporate authorised representative (representative number 290290) of the product issuer, Pacific Custodians Pty Limited (ABN 66 009 682 866, AFSL 295142). Fees, terms and conditions apply. Please refer to the Product Disclosure Statement available on www.sch-online.com.au