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
- 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
The SuperBanking option will let you pay
three types of contribution and distinguish each of them:
- Superannuation Guarantee (i.e.
- Salary Sacrifice.
- Employee Superannuation
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 SuperBanking option will be changed to be compatible with SuperStream.