Super Stream - QuickBooks
If you have 19 or less employees, the reforms for SuperStream are in the process of being implemented with the deadline falling on 30 June 2016. If you have 20 or more employees, the deadline has already passed.
If your business is not yet SuperStream compliant, we are here to help.
SuperStream is intended to ensure the back office part of super administration is more efficient and therefore more cost-effective.
To meet the ATO’s SuperStream requirements, all regulated superannuation funds must have a new identifier – a unique superannuation identifier (USI) – that replaces the previous SPIN. Also, some Self Managed Super Funds (SMSF) will be required to have an Electronic Service Address.
Using QuickBooks Online Payroll, powered by KeyPay, SuperStream compliance systems have fully integrated clearing house processing and also offer fully compliant export file* for other funds / clearing houses that have a manual clearing house processing facility. KeyPay holds GOLD certification level of compliance with the ATO.
There are two processes available to KeyPay users: -
Clearing House Superannuation Process
Report Export/Import Process
KeyPay also offers an increased level of compliance with automatic calculation for under 18 and over 18 employees as well as automatic calculation of the superannuation upper threshold.
The following superannuation payments can be tracked and processed through the KeyPay Super stream system: -
Superannuation Guarantee Charge (SGC)
Super Salary Sacrifice
The process for collecting data to ensure SuperStream compliance is embedded into the KeyPay system. Simply setup the Super fund in the employee profile (this process searches a current list of active funds provided by the ATO - there is no requirement to set up Super funds at a business level before adding them to the employee profile) and start paying the employee. At the end of a period you can now pay Superannuation through our clearing house or export reports for other clearing house facilities. If you want to use the KeyPay clearing house, you will need to register electronically before the end of a reporting period so you can process your Super payments.
You can easily pay employee super contributions directly to any registered super fund in Australia by taking advantage of the in built integration with the ClickSuper super fund clearing house. Automated super payments are available for all users and quarterly super processing is included at no additional cost. If you wish to process super at more regular intervals, there is an additional 25c per employee per batch submission.
To use automated super payments you first need to register your business for automated super payments and provide a direct debit authorisation to authorise the transfer of super payments directly from your bank account.
How to Register for Key Pay
To register your business for automated super payments, simply follow the steps below:
Go to the following page on the ClickSuper website and fill in the information required.
This step is important as it will link your application to your KeyPay Account
You will receive 2 emails from ClickSuper.
The first email (subject line of “ClickSuper Registration”) will confirm that your application has been received (this should happen straight away). The second email (subject line of “ClickSuper Account Activated”) will confirm that your application has been finalised (this will take several days). Please forward the “ClickSuper Account Activated” email to email@example.com and we’ll enable your business for automated super payments.
The registration process can take up to 5 business days so please allow yourself plenty of time to register with ClickSuper.
Processing Super Payments
Once registered, all users are eligible to make automated super payments following these simple steps. Under the “Employees” tab in QuickBooks Online, go to the Reports Menu and you will see a “Super Payments” option.
This will take you to the “Super Payments” page. From this page you will need to create a new batch payment by clicking the “New Super Batch Payment” button in the top right
Once you’ve created your new batch payment, select the date range that you want to create your batch payment for. You can choose any date range. Regardless of the date range, only payments that have not previously been paid will be shown
Once you’ve selected the date range, you will see a list of employees and the payments that need to be made for that date range.
Once you’ve reviewed the payments, click “Create Batch” and the batch will be created and submitted for you.
After you have created and submitted the batch payment you can review the status of the batch payment at any time by going back to the Super Payments screen.
We are currently taking expressions of interest for free seminars to aid you in registering your business for auto super through KeyPay in QuickBooks. If you have read through this information but need help please call us on 4903 111.