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March 2016 - last edited July
By 30 June 2016, all employers – including those with less than 19 employees, will need to comply with the new SuperStream requirements to report and pay super electronically.
This post is to provide our M-Powered Super users with everything that you need to know and do to be SuperStream compliant.
As you would have been informed via our communications, M-Powered Super is not a SuperStream-compliant solution. This means that over the next few months M-Powered Super clients will need to move to an MYOB SuperStream-compliant solution.
What are the options available to MYOB M-Powered Super clients?
ONE: Upgrade to AccountRight and sign up for Pay Super
Below are some useful links to help you to start using Pay Super:
If however, you are unable to upgrade to AccountRight Live due to using some Classic AccountRight features listed below, don’t stress - we have a solution to ensure you are compliant.
TWO: Stay on the classic version and sign up for MYOB's super portal
1. Are there any fees applicable to making super payments through MYOB Pay Super or MYOB's super portal?
Pay Super: No transaction fees involved, however every company file will need its individual live subscription to be able to apply for the service.
MYOB's super portal: No transaction fees involved, but you need to have a MYOB subscription to be able to apply. As long as you have an MYOB subscription attached to the serial number, you will be able to register more than one company to use MYOB's super portal.
2. Does Pay Super and MYOB's super portal support Self-Managed Super Funds (SMSF)?
Pay Super: Yes
MYOB's super portal: Yes
3. What information is needed in AccountRight to be able to pay SMSF?
Pay Super: You will need to create the SMSF in your AccountRight file, and enter in the following details:
ABN of the fund,
ESA (electronic service address),
Bank Account details (BSB and account number)
MYOB's super portal: Same as above
4. Would I be able to check the status of superannuation payments in AccountRight Live?
Pay Super: Yes, you can check the status of your Pay Superannuation payment through the Manage Payments window.
MYOB's super portal: Yes, payment status can be viewed from within MYOB's super portal.
5. Can I continue using other M-Powered services while using Pay Super or MYOB's super portal?
Pay Super: Once the file has been upgraded to AccountRight Live and you are using Pay Super you will not be able to use M-Powered services like M-Powered Payments and M-Powered Super.
MYOB's super portal: You will still be able to use M-Powered Payments and M-Powered Invoices.
I hope this helps. More on moving from M-Powered Super to a SuperStream compliant solution can be found here. Should you have any further queries about this or would like to discuss your options for SuperStream compliance, please post on this forum or contact us on 1300 555 931. We're always happy to assist.
You can also enrol in one of the ATO's SuperStream webinars, "Let's get SuperStream ready".