In my previous blog post, I explained what SuperStream means for business owners. In a nutshell, SuperStream is a new process that business owners have to comply with when making superannuation contributions for their employees.
Recently, the Australian Taxation Office (ATO) announced it has extended deadline for business owners to comply with SuperStream. Businesses with 20 and more employees will have until 30 June 2015 to comply with the new SuperStream requirements. Businesses with less than 20 employees will have until 30 June 2016 to comply.
UPDATE: The ATO are currently sending business owners a flyer on how to prepare for SuperStream. Our compliance update for AccountRight, available from late June 2014, includes a Pay Super feature that enables your business to be SuperStream ready when required by the ATO. You can get the latest update here.
Turn days into minutes every time you pay super
MYOB will be releasing a Pay Super feature in the AccountRight payroll command centre called “Pay Super” in June. It’s free for customers with a subscription, there are no limits on the number of employees paid or transactions, and it will be SuperStream compliant as and when required by the ATO.
If you’re still manually calculating or paying your superannuation obligations, it’s time to stop. You could be eliminating days of work just by using an accounting software with payroll and integrated SuperStream services, such as AccountRight with Pay Super.
An integrated software should do all the heavy lifting for you – paying the individual employee superfunds and complying with SuperStream. I’ve drafted a comparison table on how much time you are really saving if you’re using an integrated SuperStream compliant software.
|Don’t use any software||Use only payroll software||Use AccountRight with payroll and Pay Super|
|Time Taken: 1-3 days||Time Taken: 1-3 hours||Time Taken: 10-30 mins|
|Work out payroll manually||Generate the payroll||Generate the payroll|
|Work out the super and PAYG liabilities manually||Generate the Payroll Super report to work out the super and PAYG obligations.||Generate the Payroll Super report to work out the super and PAYG obligations.|
|For each employee:
|Ensure the Superfund Contribution Report complies with the file format of each Superfund/clearing house||Check and verify amounts.|
|Pay Super by:
|Submit the report online.*This could be the default fund super fund or perhaps a clearing house.||Authorize and super is paid automatically|
|Mail the Superfund Contribution Reports to each Superfund.||Pay Super electronically|
*Time saving estimates based on research across 5 businesses with up to 150 employees.
Important dates concerning SuperStream
|What’s happening?||Date||What does this mean for my business?|
|Release of MYOB AccountRight “PaySuper”*MYOB Essentials and AccountEdge will have “PaySuper” by the latest 30th June 2015||June 2014||Stop paying super manually and save time and money|
|SuperStream is now mandatory for businesses with 20 and more employees.||1st July 2015||If you do not use a SuperStream compliant service/product to pay your superannuation contributions, you could be fined by the ATO.|
|SuperStream is now mandatory for businesses with less than 20 employees.||1st July 2016||If you do not use a SuperStream compliant service/product to pay your superannuation contributions, you could be fined by the ATO.|