Managing Superannuation obligations with MYOB Pay Superannuation.

[CloudMindAcc]

Take the stress out of managing your Superannuation obligations with MYOB Pay Superannuation.

There are many good reasons why businesses should be taking advantage of a fully integrated online accounting and payroll system, such as MYOB AccountRight Live, or upgrading their old AccountRight Classic files to AccountRight Live.

One of my favourite features is Pay Superannuation - seamless, easy to use, and SuperStream compliant.   From 30 June 2016 it is mandatory for all employers to be SuperStream compliant. Luckily MYOB have made it easy for you.

The Benefits

The setup is seamless and is a very cost effective solution for your business. MYOB Pay Superannuation comes with no extra costs to you if you have an active MYOB subscription. Better yet, it saves you time in administration. For example, it used to take one of my clients 10 hours to process their superannuation for over 70 staff with 31 providers. With Pay Superannuation, it only takes them 30 minutes max. $350 savings right there, not to mention the relief of the accounts person who used to dread the monthly superannuation deadline!

As a plus, you don’t have to have your AccountRight Live file in the cloud to take advantage of the Pay Superannuation feature. So long as you have an active AccountRight Live subscription, you can use the Pay Superannuation feature in the cloud or; on the desktop.

Lastly, MYOB Pay Superannuation can also take care of your Self-Managed Superannuation Funds (SMSF).

I would encourage you to set up Pay Superannuation now, due to the above benefits. 

Signing up

To sign up for Pay Superannuation, log in to your AccountRight Live file, go to the Payroll command centre and click the Pay Superannuation button. The owner of the MYOB subscription will need to complete the setup using their my.MYOB credentials. You will be prompted to enter your my.MYOB email address and password. If you can’t remember your password, don’t let this discourage you; simply click Forgot Password and you will receive an email from MYOB to reset it.  

Once you have completed the application process, MYOB will deposit 1 cent into your bank account with a reference number. Once you have this reference number, click on the Pay Superannuation button again and enter the reference number for validation, and that’s it – you’re ready to make super payments.

Tips for setting up

Here are some helpful tips on setting up Pay Superannuation:

• Review your funds and employee cards (see the Check super fund and employee details help page)
• You can choose to make the payments monthly or quarterly. Pay Superannuation is so seamless you might choose to make monthly payments to assist with your cash flow.
• When you set up Pay Superannuation, you might want to overstate your monthly or quarterly limits to allow for a little growth.  
• Be careful on who you decide to give authorisation access – it should ideally be the director of the company. You can make staff and contract bookkeepers ‘Creators’, which only gives them the ability to create the superannuation payments for the authoriser to process.
• If you find employees have not provided SPIN numbers on their standard choice form, do not try and guess them as some providers have multiple SPIN numbers. Make sure your employees complete the SPIN number on the form.

• If you have a large number of employees, you may find it easier to request the employees complete the forms again providing all the details - this will streamline the setup process and tighten compliance.

•  You can search for funds by the SPIN numbers

•  You can also rename funds to include the SPIN number.

• If you are setting up Self-Managed Superannuation Funds (SMSF), change the Type to Self-Managed. Also, make sure the correct ESA is set up.

• MYOB requires Pay Superannuation transactions to be authorised at least 4 business days before the monthly or quarterly superannuation deadline. Although 10 business days is recommend. This allows MYOB to disburse the payments to the providers and for the providers to clear the payments.

Changing your Pay Super Details 

If you are a Pay Super Administrator with a verified mobile number, you can make changes to the payment limit and users. Find out more about changing your Pay Super detials in the linked Help article

MYOB Super Portal

If you have a subscription or Cover agreement for MYOB Essentials, AccountEdge or classic AccountRight (v19), you’ll have access to a different SuperStream compliant service, MYOB’s super portal. You can  learn more about the super portal here.

That’s it from me, for now! Keep an eye out for my next blog post on how to process payments using MYOB Pay Superannuation and tips on ensuring the superannuation reconciles.

Of course if you need help, reach out to your local MYOB Certified Consultant.

Regards

Renae