How do I know if my business is SuperStream compliant?
9th November, 2015
The ATO SuperStream deadline is looming for employers with 19 or fewer employees. With only two more quarterly payments to be made, businesses need to be ATO SuperStream compliant by 30 June 2016. However businesses with 20 or more employees should already be ATO SuperStream compliant.
If you’re not compliant, you could be penalised by the ATO. Mindful of the ATO’s deadline for SuperStream compliance, the ability to be SuperStream ready has been available in MYOB since May last year.
What is SuperStream?
In simple terms, you must now pay superannuation electronically in a simplified format. While it makes things easier if you’re using online accounting software, it does require action on your part to ensure you are lodging correctly.
250,000 employers already are benefitting from SuperStream around Australia*
*Figures from ato.gov.au
How do I use SuperStream?
Making super payments directly out of MYOB AccountRight is easy. One payment takes care of all your employees and each of their super funds. You can make payments monthly or quarterly depending on your business processes.
What do I need to do next?
There lots of ways to get SuperStream ready. Here are four simple steps to follow:
- Set a SuperStream start date.
- Ensure your superannuation process is SuperStream ready.
- Start collecting new information and update your payroll records.
- Make your first SuperStream contribution.
Download “Four Steps To Getting SuperStream Ready.”
How can I find out more about SuperStream?
The ATO is showcasing a series of SuperStream webinars for various industries. These free webinars are designed to help you prepare for SuperStream in your industry (UPDATE: These webinars are no longer publicly available).
How much does SuperStream cost?
MYOB AccountRight is a SuperStream compliant solution and starts from $77 per month. It enables employers to:
- Be compliant. Employers are obliged to pay a minimum 9.5 percent of eligible employee earnings into the employee’s nominated super fund each quarter by a specified date.
- Save time and money on an otherwise costly process. Meeting these obligations can be time consuming; employers currently use a range of tools and manual processes, which can easily be replaced with MYOB AccountRight.
See how easy it is to stay SuperStream compliant with MYOB AccountRight.
Try MYOB AccountRight free for 30 days.
**Industry webinars
Pharmacy & Cosmetics
General Practitioners, Dentists and Specialists
Cafes and Restaurants, Catering & Take-away
Fruit, Veg & Floristry
Farming (livestock and crops)
Hairdressing and Beauty Services
Trades
Automotive & Repair
Engineering & Technical Services
Bus & Taxi
Road Freight
Consulting (Management & IT)
Banking & Finance / Insurance & Super
Accommodation, Pubs & Clubs
Food & Grocery
Manufacturing – general
Building & Employment Services
Metals & Engineering
Other specialist & boutique
Accounting & Legal
Hospitals, Clinics, Aged Care, Accommodation & Allied
Education & Training