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October 2015 - last edited October 2015
With the first SuperStream compliance date fast approaching, we've put together below some useful information and links to help you stay compliant.
What is SuperStream:
SuperStream is a Government reform aimed at improving the efficiency of the superannuation system. Under SuperStream, employers must make super contributions on behalf of their employees by submitting payments electronically in a consistent and simplified manner.
When do I need to be compliant?
If you have 20 employees or more: 31/10/2015
If you have 19 employees or less: 30/6/2016
If you use M-Powered Superannuation: you also have up to 30/6/2016 to be compliant.
How do I become SuperStream compliant?
This will vary depending on the product you are using:
AccountRight Live – Pay Superannuation (requires 2015.3 and above)
AccountRight Classic (v19.11), AccountEdge (14.5), MYOB Essentials Accounting – MYOB Super Portal
Can I make payments to Self Managed Super Funds (SMSF) using the above services?
You can make SMSFs using Pay Superannuation in the new AccountRight, while this feature will be added to MYOB Super Portal in the near future.
Please note that while MYOB’s Super Portal is currently not able to cater to SMSF payments, so long as you have registered for the portal, the ATO will exclude you from compliance action.
How do I sign up:
Please go to our SuperStream compliance page, select your product at the bottom and follow the instructions. Alternatively simply go to Payroll > Pay Superannuation in the software, and follow the prompts. Both services require an active subscription.
How do I make contribution payments once I've signed up?
- AccountRight Live: you can follow this Help page to record and authorise contribution payments; Make Superannuation payments
- AccountRight Classic, Essentials Accounting and AccountEdge: You can follow the step-by-step guide on this Help page to create the .csv file, then upload to MYOB's Super Portal: Learn about MYOB's super Portal. Please make sure to check out things to do before your first upload.
One of our most experienced and helpful partners Renae (@BooksInTheCloudhas also posted a very informative blog: Managing Superannuation obligations with MYOB Pay Superannuation, if you have any questions please feel free to ask away.