Urgent End of Financial Year Update to Employers and Payroll Managers: Bank account changes

From 1 July 2020 there is an important change happening in the Smartsave ‘Member’s choice’ Superannuation Master Plan that you need to be aware of and may need to take action on.

Smartsave’s bank account is changing to National Australia Bank (NAB)

The Smartsave Super’s applications bank account (for contributions into Smartsave) is changing to NAB. This will ensure faster processing and more efficient allocation of monies to members’ accounts.

The new bank account details are:

Bank: National Australia Bank (NAB)

BSB: 083-001       Account number: 88-483-8764

Account name: Diversa Trustees Ltd ATF Smartsave ‘Member’s Choice Super Master Plan – Application Account

Important notes:

  • When depositing to the account, please include an ID reference – Fund name, member number and type of contribution (Super Guarantee or Member Voluntary), e.g. SSAV023456_SG or MV,
  • The USI and ABN for the Fund and SuperStream processing remain the same. The request for change of bank account has been made to the ATO, and
  • Should you wish to confirm these new banking details, and the current USI and ABN, go to the Smartsave website from 1 July 2020 and specifically here.

What do you need to do?

Change the bank account details for all contributions from 1 July and provide an ID reference when depositing. Any funds inadvertently deposited to the old Bank of SA account during July 2020 will be redirected to the Smartsave NAB applications account.

For and on behalf of the Promoter of Smartsave ‘Member’s Choice’ Superannuation Master Plan

OneVue Wealth Services Ltd ABN 70 120 380 627 AFSL 308868

 

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The Australian Taxation Office (ATO) has accepted that there are difficulties for businesses to comply with SuperStream by recently announcing they will provide “compliance flexibility” to small businesses who have not implemented SuperStream ahead of the 30 June 2016 deadline.

Small businesses now have up to 28 October 2016 to ensure they are SuperStream compliant. ATO deputy commissioner James O’Halloran said “some businesses may need extra time or need to work with a SuperStream expert to decide on a solution and become SuperStream compliant”.

How Does SuperStream Help Your Business
The ATO has reported that many businesses have experienced up to a 70% reduction in super processing times by payroll, with fewer errors.

What Do You Need To Do?

superstream-1

 

Smartsave ‘Members choice’ can also help you meet your super payment obligations by providing:

  • Employer online services at www.smartsavesuper.com.au – you will need a log-on and password
  • A super clearing house solution* for our employers, including a MySuper investment option

You can also phone us on 1300 654 720 to set up your super clearing house solution, or obtain more information – our SuperStream team will be able to help.

*Smartsave has partnered with SuperChoice, a leading supplier of clearing house services in Australia

‘Stronger Super’ – a Re-Cap

Key Points

  • Increase to SG contributions
  • 70 year old age limit for paying SG removed
  • Mandatory data standards and e-commerce from 1 July 2014
  • Payment of SG contributions to a ‘MySuper’ authorised fund from 1 July 2014 where new employees do not choose a super fund.

Key Features

  • MySuper – a new simple, low-cost default super offering
  • SuperStream – operational enhancements to SuperStream to make super transactions faster and easier
  • Governance – enhanced prudential standards for trustee boards and fund to strengthen the integrity of the super system.

How Can Smartsave ‘Members Choice’ Help You?

  • Smartsave ‘Members Choice’ has a MySuper approved investment option – Smartsave MySuper Balanced. By choosing Smartsave ‘Members Choice’, you can be confident that you will be compliant in meeting your superannuation payment obligations.
  • Gold certified Clearing House
    Imagine being able to deal with one company regardless of how many superannuation companies your employees choose. You can free up resources and feel confident that you have met your super payment obligations. You’ll:

    • Achieve cost savings by reducing paper and processing work, as well as on bank fees, as there will be fewer administrative queries to and from the different super funds.
    • Have the flexibility to handle a large number or amount of contributions, and you can choose when and how you make your payments, helping cash flow management.
    • Be compliant with SuperStream legislation
  • Personalised member & Employer Services team – When you phone 1300 654 720, you will be answered by a real person, not put through a series of numbers and prompts. Our team can help you with your enquiries around super obligations, contribution and clearing house, and insurance.