SuperStream is due soon. Are you ready?
Some people hear the word ‘SuperStream’ and automatically think hours and hours of set-up. If this is you, you thought wrong!
The set-up is simple and in our experience it has saved our clients hours and hours of work each month or quarter when processing superannuation payments.
Remember: it’s mandatory that all employers are SuperStream compliant.
If your business has 20 or more employees, you must be SuperStream compliant already.
If your business has 19 or fewer employees, SuperStream applies from 1 July 2016.
For small businesses who miss the July 1 deadline, the ATO is offering compliance flexibility for businesses that are actively working towards implementing their SuperStream solution. Act now to get the time-saving benefits of paying and reporting your employee super contributions electronically.
MYOB and SuperStream
MYOB’s data-mapping and automated processing has reduced the risk of human error dramatically.
With a few clicks of your mouse, MYOB will direct debit superannuation payments from your nominated account and remit the funds electronically, making SuperStream compliant to each fund and for each member.
No cheques, no manually written letters and no more super stress.
What employee information do I need?
For any new accounting process, it is essential to have accurate employee information to hand.
To ensure a smooth activation of SuperStream you must have the following information for each employee and corresponding super fund. All of this information needs to be accurately recorded in your online accounting software. Not using online accounting software? MYOB has a SuperStream-compliant solution built right in.
Here are some handy tips to make sure you’re SuperStream compliant:
- Enter the ABN for every employee super fund.
- Enter each employee’s details, including their tax file number.
- Enter bank account details and an electronic service address for payments and reporting to self-managed super funds.
- The great thing about MYOB is that it will prompt you to check all of your business details. These details are essential; if there is an issue with a payment the superfund will use these details to contact you.
- Enter your company’s bank details and declare that you understand that you are permitting the direct debt of funds from your nominated bank account for superannuation.
- To verify your account details, MYOB will deposit 1cent into your bank account. A numerical code will appear on the transaction.
I recommend running your normal payroll reports to reconcile the superannuation payments due prior to paying the superannuation. This means you should be processing and paying your superannuation payments 10 to 14 days ahead of the ATO payment dates.
One final tip: super payments must be received by the member from their fund by the due date. If you’re not using online accounting software, try MYOB for free.
If you require any assistance with setting up SuperStream, speak to your bookkeeper or accountant.