True, however the example applies to employer made SGC contributions. These are due within 28 days of the end of each quarter. Or the next business day if the 28th falls on a weekend or public holiday. Employers may make super payments by SuperStream or a compliant system or BPAY.
Personal (Voluntary) super contributions for Tax purposes.
My prior experience for personal contributions from the advice of both the accountant and super fund. Personal contributions must be received by the super fund before the end of the financial year (30th June) to qualify for assessment in the same FY.
On contributions the ATO has this to say in respect of reporting by funds.
Report a contribution according to when the contribution was legally made â not when it was allocated. Do this regardless of the intentions of either the member or their employer. The period in which a contribution was intended to be made by the member or an employer does not affect when it was actually made. In this regard, you have no discretion in how you report the contribution.
In effect per the ATO a contribution is not âmadeâ until it has been received by a fund. There is a clear example in the reference and ATO rulings that a members intent or actions in making a super payment on 29th June are assessed on the ATO definition of âmadeâ being the date of receipt by the fund.
Yes. From personal experience employer paid super deposits via Bpay (or any other way) were paid on the date the Bpay (etc) was scheduled for payment re employer super guarantee obligations, BUT the credit to the super account was on the day the deposit was received by the super fund.
My reference case was prior to superstream, and about hitting the super contribution limit in a calendar year for employer and salary sacrifice deposits, when the final payroll was on the last Thursday of a month that was in the last few days of June. Since salary sacrifice is often done by a third party (government and larger companies) those monies go from payroll to the third party to the super fund (regardless of how the ICT systems processed it) adding another rubbery transaction.
In those days both types of super deposit from the Thursday payroll would randomly be received by the super fund on Friday, the following Monday, or the following Tuesday. Try and manage the $25,000 to the dollar for those so fortunate to be able to make those contributions. Sometimes you could hit $24,999 but if the deposit was a business day later, maybe $24,000 and an extra $345 in tax for that year.
The ATO recognised each deposit toward limits in the FY the super fund received it. Thus there was a difference between the employers obligations as having paid a âsuper billâ and the super fund itself operating under a law whereby the date of receipt of funds is the financial year they record it under.
With superstream deposits processed through an employer were IME predictable and always over night, but when people make individual contributions, even by Bpay or EFT, they need to consider the âprocessing delaysâ between pressing âsendâ and the super fund receiving the deposit.
WESTPAC are Processing my bPay payments against my Credit Card as 3 days laterâŠ
⊠therefore, they are CHARGING me Interest âŠ
.
⊠I am not talking about ânot meeting Due DatesââŠ
in my opinion, the Banks use the âIT takes 1-3 days to processâ as a âfalse excuseâ to âdelay PUSHING the BUTTON To PROCESS Transactionsâ - it is to to their advantage to DELAY Recording the Payment against the Credit CardâŠ
⊠because they can charge more InterestâŠ
for people that are carrying Balances on their Credit Cards, the amount of Interest that they SHOULD NOT have been charged can add upâŠ
⊠as usual, it is the âpoorer end of societyâ that is taken advantage of by the âBig Banksâ â
Lodge a formal complaint with Westpac using some of the info in this thread to argue they are doing the wrong thing under their agreement with BPAY. Also say if it isnât resolved, you will make a formal complaint with the Ombudsman.
Edit: also ask for your interest back and say you will terminate your business with them if they donât,
If that is common, as @phb states it is wrong, but if you lodged a BPay on a Friday this is apparently how it can work within the BPay contract. Neither Westpac nor BPay make their BPay contractual conditions easy to find and @draughtriderâs previous links and extracts from the BPay operations manual that started this topic seem to have been moved behind the curtains, and the BPay operations manual I found does not address crediting funds, just acknowledging their receipt. BPay directs one back to oneâs bank for âyourâ specifics.
Many of the related google hits are to this thread so I tried to find current information. I might be corrected in the following, but todayâs research leads me to conclude the following both from explicit statements as well as omissions:
A receiver is obligated to acknowledge that a payment was received (eg was paid) if it was lodged before the cutoff time and was timely processed by the sending bank on a banking business day; but the receiving entity is apparently not obligated to credit it until the next banking business day.
Thus a BPay lodged Friday could get credited to the account on Monday; but if Monday is a holiday it could be Tuesday; and if Monday and Tuesday were banking holidays it could be credited on the Wednesday.
From Commbank - The biller will acknowledge the payment as having been made that day and should process the payment the next banking business day.
âprocess the paymentâ can be wobbly in what it means but could be read as if the payment is due Friday it paid on time and no late fees can be applied by definition if the BPay was lodged prior to the sending bankâs cutoff time on a banking day, but any ongoing interest charges could accrue until the next banking business day when the credit is processed.
OTOH if the account is paid in full, that payment has been acknowledged on the Friday and no interest accrues when a card account is paid in full and on time.
(treat Payments as being made on the Settlement Date) treat Payments to you as being
made on the applicable Settlement Date for each Payment;
and
Settlement Date means the day a Payer gives a Payer Direction to its Payer Institution. However,
if the Payer gives the Payer Direction after its applicable Payment Cut-Off Time on a Banking Business Day, or on a non-Banking Business Day, the Settlement Date is the next Banking Business Day.
This accords with the information from BPay. Why would Westpac adopt 3 days when they expect their business banking customers to adopt the date of the payment (unless it is on a non-bank business day (Saturday, Sunday and public holidays where the settlement date becomes the next business day after the payer makes the request for payment)?
It is assumed that the 3 days wasnât a payment due say on Good Friday and then BPay made on the Good FridayâŠin such case the settlement date would be the following Tuesday.
I would also use this information when approaching Westpac for resolution and interest refund.
Slightly off topic of credit cards, but I found out the Bpay delay trap when I first signed up for the pay by due date Electricity discount offers. Bpayed on the due date and got charged next month for not paying on time. Luckily the company gave me a credit back, but did warn me of this delay.
Hi @Gregr, I moved your post to this existing topic. You should find it very interesting how businesses are required to treat BPay payments by their contracts. There are some special cases like securities (share trading) transactions, but not many.
Thanks @PhilT. Lots of good stuff in this thread. Now, the problem for a new arrival to the Community like me is I just donât know what post threads are out there dormant from the past. To be honest, the search function just doesnât seem to pick up things that you seem to remember and can reassign posts to the right place.
Perhaps the admins of this site can augment the search button with a âask PhilTâ button.
We pay my wifeâs âWoolworths credit cardâ using BPay from our CBA accounts.
If it is due on a Monday and we pay it on the weekend, it shows on the website on Tuesday as pending but on Wednesday, it updates to showing it was paid on the relevant weekend day.
If we pay it on Monday, it displays as pending on Tuesday, but on Wednesday, it updates to showing it was paid on Monday.
Whilst many would argue that âcredit providersâ and âethicsâ are mutually exculivise, there is the occassional exception.
Iâll assume all the BPay numbers were correctly entered.
BPay T&C include a bill being paid when the BPay is lodged, and BPay recipients (with a few exceptions) are contracted to honour that. The payment might not show up in their system for 2 days, and on their customer facing web site I do not know when it would show the posting as that is under their control.
Did you perhaps panic when you did not see the credit to your account when you expected it? If BPay paid as say after taking 3 days, would not the supplier have received the funds, and if you also paid by a debit card they have twice your funds? BPay would not have them would they? It seems like the refund should come from the supplier unless there is a major failure (eg BPay never sent the funds) rather than a delay.
OTOH if a number was incorrectly entered when the BPay was lodged that is a different matter as someone received your funds and it is more complex to correct.
Are you claiming BPay took your money on the appointed date but never paid the suppler?
Would you clarify what happened as your post seems confusing.
BPay is only the platform used to transfer funds between a business and a BPay user. If all the payment details were correct, you should be chasing the business the payment was made to as they would have received the payment twice (once through BPay and secondly when you also paid by debit card).
When paying by BPay, it is suggested that you pay or set the payment for at least one business day in advance of the due date. For example, if the payment is due on the 2 April, set the date or make the payment on the 1 April. The reason for this is most financial institutions clear payment over night and there is a remote possibility of the payment date being the day after it isnât processed before midnight (namely 3 April if it was set for the 2 April).
That is what I do, except I bpay three days before due date to allow for weekends and those public holidays that get in the way of normal business batch processing by the receiving side.
In addition to contacting BPay have you opened a dispute with NAB about the BPay refund rather than the Zipmoney dispute that apparently resulted in Zipmoney issuing a BPay refund?
Zipmoney and/or BPay should have reference numbers for the respective transfers. From Westpac the following information should have been all that was needed, and you could ask Zipmoney to verify the details they submitted to BPay.
Refund type. Partial or Full refund
Transaction Reference Number (TRN). e.g. CBA070720030030003734 or WBC080720033935460INT â Bankâs code, CBA, WBC, NAB, etc
Settlement Date. The date you (eg Zipmoney in this case) received the payment
Biller Code.
Customer Reference Number (CRN). Please include any leading zeros
Payment Amount. This is the amount you wish to refund
Payment Method. This is how the customer made the payment
With the reference numbers in hand and confirmed I would think NAB should be helping you resolve where the funds are and getting them where they should be. Note BPay transfers can take 2 business days from being submitted to being received but I assume you have already waited longer, but that had to be mentioned.
Looking further, BPay advises BPAY is delivered through your bankâs online banking, so BPAY terms and conditions are included in the terms and conditions for those services. Has NAB fobbed you off, as it appears? Have you contacted the NAB complaints (not disputes) line to seek help?
This sounds a bit fishy. If the details were correct, then they will have records that the payment was received (credited to your account with them) and they should easily be able to refundâŠor allow your account to be in credit so that you donât need to make the next payment.
If they didnât receive the BPay payment, it might mean that the payment details were entered incorrectly (gone to another account holder) and it may be difficult for them to trace which customerâs account it landed in (especially if it was a common transfer amount). In such case, as @PhilT has indicated, lodge a dispute with your financial institution where the BPay was set up and paid from. The NAB dispute form an be found here:
If you hop online with your financial institution, you should have records of the details of the BPay made including all the payment details. Check these were correct as a firstâŠif wrong, then it will potentially drive the course of action you need to take.
I have nearly been caught by using saved Bpay details in my Internet banking.
Whilst the biller code generally stays the same, sometimes it does change.
Quite often the reference code stays the same, but it too can change. Had that recently with a regular payment but luckily my Bpay platform alerted me.
I use Bpay with my utilities, same biller code but different references whether it is gas or electricity.
And it is entirely up to you to enter the payment amount. And get it correct to the exact cent.
I treat each Bpay as though I have never seen it before. But once the confirmation code is returned, I consider it paid. Transfer completed.
Zipmoney apparently issued a transaction refund through BPay so seems easily confirmed you sent it and they identified it on your account. If a refund is not deposited into your account after 3 business days from the refund being lodged I agree it should be followed up.
Apologies if this is pedantic, but have you confirmed Zipmoney used the correct details to refund and the date they lodged it?
While waiting for AFCA that you indicated have a 3 month âservice levelâ have you started a dispute at NAB regarding the Bpay processed refund? Have you contacted NAB complaints for assistance? Have you reviewed the Bpay T&C related to your account on the NAB PDS to see if it has any useful information?
