If you’re already using a payroll system to pay super and send your employee information, then you may only need to alter your system slightly to ensure you’re compliant. If you don’t currently send super and employee information electronically, then you’ll need to implement a system for doing so – and as soon as possible.
If you currently use one of the major cloud accounting programs, such as MYOB AccountRight or Xero, they’re already SuperStream compliant – both have been gold certified, meaning they conform to all of the testing requirements for all data and messaging for SuperStream. As long as all of your employee information is current and accurate, then you’re already SuperStream compliant. It’s now just a click of a button in your accounting software to create the super fund report, which, along with the money, is sent through to each super fund.
If you don’t use MYOB AccountRight or Xero or another SuperStream compliant accounting package – or the version of MYOB you’re using isn’t up-to-date – then you can use the government’s Small Business Superannuation Clearing House, which is free for businesses with 19 or fewer employees and an aggregated turnover below $2 million per annum.
This will involve a few extra steps in the payroll process, and also involve some double handling of certain information, but it’s still an incredibly simple process to follow to ensure you’re sending your employees’ super contributions electronically.
Low cost Online Payroll Training Courses are now available at the Bookkeeping Course Catalogue website. These courses are updated regularly for compliance changes initiated by the ATO and navigational and feature enhancements published by the major Australian accounting software companies.
If you currently use a bookkeeper, however, the double handling of information may make it less cost effective to use the government’s Small Business Superannuation Clearing House, as opposed to upgrading your accounting software to a compliant system, like Xero or MYOB AccountRight.
Check out this great video that explains from the horses mouth how SuperStream works and give you a checklist of things to do to see if you are compliant.
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To find out if your current payroll system is SuperStream compliant, visit the ATO website, or ask your bookkeeper or accountant.
If you decide to upgrade or adopt a SuperStream compliant one, and you’d like training in how to use it correctly, EzyLearn offers both MYOB training courses (which includes payroll) and Xero training courses, delivered completely online. Otherwise, for more small business news, tips and insights subscribe to our blog.
Jerry Lame is a serial entrepreneur and loves shiny new objects. He was a corporate…
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