Australia’s leading accounting solutions provider MYOB is proud to have achieved cross-certification from the Australian Tax Office for the integrated superannuation payment and reporting feature in its AccountRight SME accounting solution.
‘It was an important milestone for the superannuation industry when MYOB became the first payroll solution to be certified to send SuperStream contributions,’ says Alison Lendon, ATO Deputy Commissioner, Superannuation.
Cross-certification means that the tightly integrated MYOB solution has been independently tested. The testing was focused on the payroll software’s payments and reporting through to the superannuation fund.
“I’m delighted that MYOB was the first to achieve ATO’s cross-certification for compliance on its “pay superannuation” features. It is a testament to our customer-centric approach. MYOB strives to make business life easier by introducing innovative features that change the game for small businesses, saving them time and money,” says SME Solutions General Manager James Scollay.
The ability to pay and report superannuation from within AccountRight makes it easier for SMEs to meet their employee obligations. The feature is designed to conform to the ATO’s compliance process known as SuperStream, which is becoming mandatory for businesses from 30 June, 2015.
“Our customers report significant cost and time savings for their business, when they pay and report superannuation as part of their pay run within AccountRight,” says Mr Scollay.
Linda Wighton from Sydney Signs, a manufacturing company with 30 employees, says the gains were immediate.
“I find [paying and reporting superannuation] a lot quicker and easier. It used to take two hours a month to process superannuation payments and now it takes 20 minutes. I am really happy with this, as we need to pay a number of super funds,” she says.
AccountRight provides a single channel for managing all employee superannuation contributions, regardless of what investment funds they are contributing to.
The “pay superannuation” feature was first launched in June 2014 as part of an AccountRight Plus and AccountRight Premier subscription, and is in the process of being rolled out to MYOB Essentials Accounting. It’s free for customers that use payroll with their subscription, and there are no limits on the number of employees paid, the number of super funds paid, or the number of transactions, Mr Scollay says.
It is designed to form part of the regular payroll process and is currently able to make payments to over 290 APRA funds. The functionality will soon extend to self-managed super funds.
“This is just another way our online accounting products are helping make business life easier, and one of the reasons we’ve seen a huge surge in the number of SMEs switching to our subscription services,” he says.
In December 2014 MYOB reached a record number of regular paying clients. Of the more than 1.2 million businesses actively using MYOB SME solutions, more than 500,000 are now regular paying clients, and of these regular paying clients, over 116,000 are cloud subscribers.
For MYOB product information, research results, business tips, discussions, client service and more visit the MYOB website, or its blog, LinkedIn, Twitter, Facebook, Instagram and YouTube sites.
For further comment or other information please contact:
Saba Chowdhury, MYOB Public Relations Specialist
P: 02 9770 9055 M: 0429 605 963 E: firstname.lastname@example.org
Anthea Flint, Account Manager, Ogilvy PR
P: 02 8437 5357 / M: +61 401 968 372 / E: Anthea.Flint@ogilvy.com.au
SuperStream is the Australian Tax Office’s (ATO) new process, requiring employers to pay their employees and record their payments electronically. SuperStream requires businesses with 20 or more employees to be compliant by 30 June 2015. For smaller businesses, with 19 or fewer employees, those businesses will have until 30 June 2016 to be compliant, though there is no reason not to start saving time now.
To find out more about MYOB making SuperStream super easy, visit: http://myob.com.au/paysuper
Established in 1991, MYOB is Australia’s leading accounting software provider. It makes life easier for approx. 1.2 million businesses across Australia and New Zealand by simplifying accounting, payroll, tax, CRM, websites, job costing, practice management, inventory, mobile payments and more. MYOB also provides ongoing client support via many channels including a network of over 40,000 accountants, bookkeepers and other consultants. It is committed to ongoing innovation, particularly in cloud computing solutions, and spends more than AU$35 million annually on research and development. For more information, visit myob.com.au.