I’m a fan of QuickBooks as the functionality is excellent and the cost of the software is still low. I’m really pleased to announce that you can now enrol in our QuickBooks Online Daily Transactions Course — but does QuickBooks fulfil Australian legal obligations to be SuperStream compliant?
The background is that from July 1 this year, all Australian businesses with fewer than 20 employees were required, by law, to be SuperStream compliant.
SuperStream is a government initiative to improve the efficiency of Australia’s superannuation system, namely by making superannuation a totally electronic process.
Most cloud-accounting packages that have been developed for the Australian market (such as major applications, like MYOB, Xero, Reckon and so forth, but not smaller apps like Zoho or QuickBooks, which can be used in Australia but don’t interface well with Australian tax procedures) are now all SuperStream compliant, with one exception: QuickBooks. Continue reading QuickBooks Isn’t SuperStream Compliant, But It Doesn’t Matter!
Companies with over 20 employees should ALREADY be compliant
In July last year, EzyLearn published a couple of posts about SuperStream, the government initiative to improve the efficiency of Australia’s superannuation system, which all businesses with 19 or fewer employees must be compliant with by June 30 this year. As we’ve now reaching June 30, it’s important to ensure that you’re fully compliant with SuperStream, the government’s electronic system for sending superannuation payments to your employees’ super funds.
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.
Get compliant by using a SuperStream certified payroll system
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’re not using a SuperStream compliant payroll system
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.
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.
To find out if your current payroll system is SuperStream compliant, visit the ATO website, or ask your bookkeeper or accountant.
For training in SuperStream compliant payroll systems
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.
Good local bookkeepers
As bookkeeping tasks become more complicated and require more compliance you may find it better to use the services of an experienced bookkeeper who provides their services on a contract basis when you need them. If you want to find a local bookkeeper be sure to check out great bookkeepers at our bookkeeping directory National Bookkeeping. If you are a great bookkeeper and want to get more exposure and join a collaborative marketing team feel free to Pre Qualify and tell us about yourself.