NSF Super News Employer Edition
Winter 2014
Welcome to the latest edition of NSF Super News for our supporting employers. In this edition, we provide an update on the successful launch of our clearing house solution, the latest news on legislative changes including the next increase to the superannuation guarantee, introduce the latest addition to our relationship management team, and much more.
Take the headache out of your super contributions with SCH Online In the last edition we talked about a clearing house solution for all your super contributions that was on its way - and we successfully launched SCH Online in January.
What is a clearing house? 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. We’ve spoken to enough payroll managers to know what a time consuming and painful task it can be to manage payments to multiple super funds each time contributions are due. Which is why we’ve made our new solution simple to use, and we do all of the hard work for you!
Why SCH Online is a good idea • It saves time – making one payment instead of dealing with multiple funds, allows you to spend hours on more important tasks • Flexible payment arrangements – you can pay your contribution by EFT, BPAY® or Direct Debit either monthly or quarterly • Automated reporting – you receive details of all payments received, distributions and transaction histories • Safe and secure – payments are made through a secure online service • Payments are compliant - there are new data standards set by the government on the way, and with SCH Online, your contributions will meet those standards • It’s free to use (in 2014) – to help encourage our employers to get on board with this new service, NSF Super will pay the fees involved until December 2014 ® Registered to BPAY Pty LtdABN 69 079 137 518
Get started today To join the growing list of employers already enjoying the benefits of SCH Online, the set-up process is simple through your EmployerAccess account. There’s a once off set-up required (that we can help you with) to enter the details of the super fund of choice for each of your employees – then simply make a single payment each super contribution cycle and the clearing house will do the rest – sending a payment and advice to each super fund on your behalf. If taking away the administrative hassle of managing multiple payments sounds like a good thing – SCH Online is for you. Visit the website for more information or contact the NSF Super team.
your super obligations through greater automation.
Legislative update Stronger Super is the name given to a range of changes to super legislation and employer obligations introduced by the Labor government. Following the last federal election and a change to the current Coalition government, a number of the proposed changes are currently undergoing review and are being considered by parliament for legislation. The following details are provided based on the latest available information. There may be additional impacts to super as a result of the 2014 Federal Budget that will be delivered after the writing of this article. We suggest you visit the business section of the ATO website at www.ato.gov.au regularly, for useful information outlining the proposed changes and their status.
Changes to Superannuation Guarantee Firstly, the Coalition Government has proposed that the current timetable for the increase in Superannuation Guarantee (SG) contributions from 9.25% - 12% be delayed, with the final increase to 12% deferred from 2019 to 2021. At the date of this article, this proposal was voted down in the Senate. Meaning that as the current law stands, SG contributions will increase from 9.25% to 9.5% from 1 July 2014. You should be preparing to make the required changes to payroll and accounting processes for contributions in the 2014/15 financial year.
SuperStream SuperStream is a government reform we’ve covered previously, that is designed to improve the efficiency of the super system by changing how contributions and payment data must be sent to super funds, and your obligations regarding employees payslip reporting. The new data and e-commerce standard being introduced for employers with 20 or more employees commences from 1 July 2014 (however you have until 30 June 2015 to meet the SuperStream requirements when sending super contributions). The intended benefits for you are an improved flow of information and money, plus reduced time spent to meet
There isn’t a single approach to meeting your obligations that will suit all business types, and your options may include: • upgrading your payroll software • using an outsourced payroll bureau or other service provider • using a commercial clearing house (for example, SCH Online!) or the free Small Business Superannuation Clearing House (if you have 19 or fewer employees). Of course, we would suggest our employers consider using the SCH Online solution and as mentioned in the earlier article, payments made through this system will continue to meet the new standards.
Clearing House update Another important update is that the Small Business Superannuation Clearing House (the Clearing House) will be run by the Australian Taxation Office (ATO) instead of the Department of Human Services (DHS) from April 2014. This means that for small businesses using the service, compulsory SG payments would be remitted directly to the ATO instead of DHS. There will be no change to the Clearing House’s service or functionality. As always, simply contact the NSF Super team if you need any help to understand your obligations or for more information.
Reminder about cut-off dates for contributions Just another reminder that Super Guarantee (SG) contributions for the 1st April – 30th June quarter will need to be made by the cut-off date of 28th July. If you want to pay your contributions in this financial year to receive the tax deduction, please remember that contributions will need to be received by NSF Super by Monday 30th June. Also keep in mind that after this date, the next quarterly contributions will need to increase to 9.50% pending any changes to legislation from the government.
Meet the latest recruit to our Relationship Management team Whether it’s help to understand your super obligations, manage new employees and contributions, or help with setting up and using our online solutions – NSF Super offers our supporting employers access to a dedicated team of Relationship Managers. We know that super can be complex and timeconsuming, so our job is to make it as simple and painfree as possible. Willem Ter Avest is our most recent recruit, and following a professional cycling career in his native Netherlands, has a background ranging from trade and corporate finance, to investment banking and trading. To discuss any needs you may have and the full range of services we can provide, including help with setting up EmployerAccess and the SCH Online clearing house, simply call the team on 1800 025 241.
Workplace seminars Providing financial education on super and related matters can be seen as a genuine employee benefit, so we can work with you to build an effective, tailored program that suits the needs of your business – whether that’s access to a Money Coach, online calculators and tools or a seminar in the workplace. We understand that while people may be interested to learn more about superannuation and their financial options, it’s not always practical to get along to a seminar in their own time. Our Relationship Managers have access to a range of presentation materials and experts to cover common topics around super savings and retirement planning, and can arrange to conduct a seminar in your workplace at a suitable time. Bookings are essential, so for more information or to schedule a session, call the team today.
Money Coaches are here for our members Sooner or later, we all have questions about our super and finances. And when it comes to helping members make decisions about what options are right for them, we can call in the experts! The NSF Super team have partnered with Money Solutions to provide members with over the phone help from expert Money Coaches.
How can they help? Common questions that a Money Coach can help provide answers to include: • How much money do I need to retire? • How long will my money last? • Could I do more with my super? • What insurance cover do I need?
And the cost? As a service to our valued members, we will pay the fees involved for the first piece of advice received on a super issue over the phone from a Money Coach^. Any additional expense will be discussed with the member in advance and in most cases, some or all of the cost of obtaining help about super can be deducted directly from their super account.
Getting started Members can simply call the NSF Super team on 1800 025 241 to get started, and will generally be put directly through to a Money Coach. We can also arrange for face to face appointments for more complex matters. ^NSF Super will pay for the first piece of advice you receive on a single super issue over the phone.
Better value banking with ME Bank As a contributing employer with NSF Super, did you know you also have access to a range of business banking products and services from ME Bank – the bank that only services eligible super fund and union members and employers? ME Bank is a 100% Australian-owned, APRA regulated bank. Established by industry super funds – the same people who brought you low-cost, no-commission super, ME Bank was proudly built to provide a genuine banking alternative – a fairer way to bank.
NSF Super in the community – Hunter Life Education
All ME Bank’s products are designed to provide your business with real competitive advantages and include straight forward, transparent and low-cost solutions. Plus, your employee members can access a range of personal banking products too - from home loans and personal loans to transaction and savings accounts. For businesses, the range of products and services includes business loans to assist with the purchase of commercial properties or business acquisition etc., asset financing, novated leases and a range of business deposit products. ME Bank Business Banking offers a genuine banking alternative for employers. For more information about ME Bank call 1300 658 108 today or visit mebank.com.au is to help develop generations of confident, inspired and healthy community members living to their full potential. For more information on the Hunter Life Education program, visit www.hunterlifeeducation.org.au
The NSF Super team were proud to support Hunter Life Education’s ‘Adopt-a-Class’ program this year. Through our involvement, the students of Charlestown South Public School were able to participate in an innovative and interactive drug and health education program that is delivered to over 30,000 kids in the Hunter region each year. Representatives from the fund, including current Chair, Kim McHugh attended the Edgeworth campus along with Healthy Harold, to welcome some of the classes. Each session is conducted with approximately 30 children, and the broader aim of Hunter Life Education
Contact Us 242 Pacific Highway (PO Box 42) Charlestown NSW 2290 Telephone: 1800 025 241 Facsimile: 1800 839 774 Email: enquiries@nsfsuper.com.au Website: nsfsuper.com.au NSF Nominees Pty Limited ABN 29 053 228 667 • AFSL 253129 Trustee of Nationwide Superannuation Fund (NSF Super) ABN 15 201 768 813
Administered by PSI Superannuation Management Pty Limited ABN 93 003 422 320
This document contains general information only and has been prepared without taking into account your financial objectives, situation or needs. It may, therefore, not be right for you. Before you make any investment decision, we suggest you consult NSF Super’s Product Disclosure Statement and/or seek licensed financial advice. As at the time of compilation, the information contained in this document is correct and any estimates, opinions, conclusions or recommendations are reasonably held or made. Subsequent events may mean that the information becomes out-of-date and so, to the maximum extent permitted by law, we disclaim all liability and responsibility for any direct or indirect loss or damage which may be suffered by any recipient through relying on anything contained in or omitted from this document. The financial advice service available for NSF Super members will be provided by Money Solutions Pty Ltd, AFSL 258145. Neither Money Solutions Pty Ltd nor its employees are representatives of NSF Nominees Pty Ltd, the Trustee of NSF Super. No commissions are paid by any party to any other party, for referring NSF Super members to Money Solutions Pty Ltd. NSF Nominees Pty Ltd does not accept liability for any loss or damage incurred by anyone using Money Solutions products or services.