Super Stream - For MYOB

Are you Super Stream compliant?

SuperStream will be made mandatory to businesses with less than 20 employees from 1st July 2015 onwards. However, businesses that fall into this category can use the new MYOB SuperStream process once it is available. If you are preparing and paying your superannuation contributions manually, the MYOB SuperStream process will help you save time so you can focus on growing and running your business instead.

SuperStream is intended to ensure the back office part of super administration is more effici

ent 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.

We are currently taking expressions of interest for free seminars to aid you in registering your business for auto super through MYOB Pay Super if you require help. If after reading this information you need some help please call us on 02 4903 1111 and ask for Angela.

 

Prepare for SuperStream with MYOB

MYOB has integrated SuperStream products with a payroll feature including:

·      AccountRight Live

·      AccountRight v19

·      MYOB Essentials

·      Powerpay

The new MYOB SuperStream will then dissect bulk superan

nuation payments and individually pay the different super funds and provide them with the electronic information required under the new law and data standards.

Pay Super is included for free with your AccountRight subscription. You can pay both APRA-registered funds and self managed super funds. It's SuperStream compliant and makes it easier than ever for you to meet your super obligations. Watch this video to learn more.

 

Once set up, this new system will take significantly less time to pay all super obligations in the format and process that is compliant with SuperStream. We have summarised a table to illustrate the simplicity of using MYOB Pay super compared with your current accounting methods.

Tips for Setting up

 Here are some helpful tips on setting up Pay Superannuation:

 

  • Review your funds and employee cards
  • 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/USI numbers on their standard choice form, do not try and guess them as some providers have multiple SPIN/USI numbers. Make sure your employees complete the SPIN/USI 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/USI numbers
  •  You can also rename funds to include the SPIN/USI 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 5 business days before the monthly or quarterly superannuation deadline. This allows MYOB to disburse the payments to the providers and for the providers to clear the payments.

Don’t use any software

Use only payroll software 

Use AccountRight with payroll and Pay Super

Time Taken:   1-3 days

Time Taken: 1-3 hours

Time Taken: 10-30 mins

Work out payroll manually

Generate the payroll

Generate the payroll

Work out the super and PAYG liabilities manually

Generate the Payroll Super report to work out the super and PAYG obligations. 

Generate the Payroll Super report to work out the super and PAYG obligations. 

For each employee:

  • Work out the super guarantee and salary sacrifice super amounts
  • Complete the Superfund Contribution Report

 

Ensure the Superfund Contribution Report complies with the file format of each Superfund/clearing house

Check and verify amounts.

Pay Super by:

  • Mailing cheques or
  • Paying electronically

 

Submit the report online.*This could be the default fund super fund or perhaps a clearing house.

Authorize and super is paid automatically

Mail the Superfund Contribution Reports to each Superfund.

Pay Super electronically 
 

 

Don’t use any software

Use only payroll software 

Use AccountRight with payroll and Pay Super

Time Taken:   1-3 days

Time Taken: 1-3 hours

Time Taken: 10-30 mins

Work out payroll manually

Generate the payroll

Generate the payroll