ATO SuperStream is due 30 June 2015, are you ready?

Are-you-SuperStream-ready

Businesses with employees have obligations to make super contributions of a minimum 9.5% of each eligible worker’s ordinary time earnings in super contributions.

Quarter

Period

Payment due date

1

1 July – 30 September

28 October

2

1 October – 31 December

28 January

3

1 January – 31 March

28 April

4

1 April – 30 June

28 July

The above table shows the due dates for quarterly super payments.

Business owners can make super payments directly to the super fund that their employees choose. They can pay via cheque, bank transfer or directly from their accounting software packages such as MYOB AccountRight. This video helps explain how to complete 3 days’ work in 30 minutes when paying super in AccountRight.

What is SuperStream?

SuperStream is a government initiative being implemented by the ATO, with a goal of improving the efficiency of the super system. It’s a new process of managing data and payments that business owners have to comply with when making super contributions for their employees.

What does SuperStream mean for employers?

Employers must now make super contributions on behalf of their employees by submitting data and payments electronically in accordance with the SuperStream standard.

If a business has 20 or more employees, SuperStream contributions need to be implemented as soon as practicable.

If a business has 19 or fewer employees, SuperStream applies from 1 July 2015. As with larger employers, the ATO will be flexible provided you have a plan in place by 30 June 2016.

4 steps to get ready for SuperStream by 30 June 2015:

1. Find an accounting solution that best suits your business.

MYOB AccountRight lets you pay unlimited super contributions quickly and easily without leaving your software.

2. Become familiar with your compliance dates

Employers with 20+ employees, SuperStream needs to be implemented as soon as practicable.

Employers with <19 employees, aim to start making SuperStream contributions from 30 June 2015.

3. Record all your information and update your payroll records

Ensure you have collected the following information:

  • Tax file number
  • ABN of super fund, BSB and account number
  • Electronic service address
  • Payment reference number linking data to payment
  • Unique super identifier and super product (APRA funds only).

4. Make your first super contribution

It’s easy to make super contributions in AccountRight. The image below shows the AccountRight Command Centre with a feature called “Pay Super.” It’s free with a subscription, there is no limit to the number of employees paid or transactions and it’s SuperStream compliant.

SuperStream compliance is made super easy with MYOB, visit myob.com.au/paysuper for more information.

Read on for more helpful tips on hiring staff and managing your employer needs at myob.com.au/businesstips.

The information provided here is of a general nature for Australians and should not be your only source of information. Please consult an experienced and registered tax agent as each small business’s circumstance will vary.

Subscribing or upgrading your MYOB software will ensure your business is always compliant with tax changes, including the government’s new SuperStream system for paying super contributions.

  • http://www.bottrellaccounting.com.au Gavin Bottrell

    Looking forward to it.

  • http://www.bottrellaccounting.com.au Gavin Bottrell

    Thanks for sharing