SuperStream is coming… are you ready?

22
Nov
corporate_race

By Richard Puffe

UPDATE: The ATO are currently sending business owners a flyer on how to prepare for SuperStream. Our compliance update for AccountRight, available from late June 2014, includes a Pay Super feature that enables your business to be SuperStream compliant when required by the ATO. Read this article for the latest information or get the latest software update here.

Here is one sad truth about your super: you still can’t afford to retire comfortably with $1 million dollars.

According to a recent Deloitte report, today’s 30 year old would need to make extra contributions to their super to live comfortably post retirement. So, what’s the magic number?  It’s $1.58 million for males and $1.76 million for females.

Understandably, the government announced a raft of changes in 2011. Under an initiative called “Stronger Super” , one of the main drivers include getting employees between 20 and 40 year old to become more educated and proactive with their super investments.

Changes for business owners

From 1st July 2014, employers with more than 20 employees are required to provide timely information about superannuation contributions they have made.

SuperStream or Data and Payment Standards, is a new process requiring employers to pay their employees superannuation contributions using the government’s new data standards. In layman’s terms, it means all superannuation contributions need to be made and recorded electronically – no more cheque writing.

Employers will have to comply with 2 things under SuperStream:

1. The payment must be made electronically to the nominated superfund.

2. Details of the payment transaction, such as employee name, Tax File Number and Super fund member number are also sent to the superfund.

The government hopes that SuperStream will help:

  1. Speed up the time it takes for super contributions to be credited against the members super account (from weeks to just days)
  2. Provide better information about the amount and timing of superannuation payments to employees
  3. Provide notification from funds to members on whether contributions have or have not been received.
  4. Better data matching / consolidation by super funds in regards to money it has and whom it belongs to, for example, reduction in funds not credited against a super member.

Prepare for SuperStream with MYOB

To facilitate this compliance task, we will release an integrated SuperStream solution for MYOB products with a payroll feature including:

Here is how this will work with your MYOB software.

“ABC Bakery” authorises a superannuation payment of $50,000 for the quarter. This amount represents payment for 25 employees to 30 different super funds. The new MYOB SuperStream will then dissect this bulk payment and individually pay the different super funds and provide them with the electronic information required under the new law and data standards.

That’s it really. Once set up, it will take you just a few clicks to pay all super obligations, in the format and process that is compliant with SuperStream.

Based on feedback from a sister product, M-Powered Super, business owners love processing payroll and super electronically. For one employer, completing super payments for over 150 employees takes less than 30 minutes – that’s 5 employees done in 1 minute.

If you are using a current MYOB product to calculate and complete your payroll, we will release a SuperStream solution well before July 2014.

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.

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What others are saying

  1. Author

    Deb

    November 21, 2013 at 1:43 pm

    Can you please tell me if there is any way in MYOB to report to the employee that you have paid their superannuation? I would like to include this on the pay slip if possible.

    • Richard Puffe

      Author

      Richard Puffe MYOB Compliance Product Manager

      November 22, 2013 at 10:58 am

      Hi Deb,

      Great question and I think once SuperStream / Data & Payment Standard is up and running (say 1 – 2 years), I suspect the government will finally mandate superannuation payment dates on pay slips.

      I think it’s a great idea including information to your employees about super and many employers using MYOB products are already including this information on the payslip. They are doing this by adding information into the notes field on the payslip.

      However I would be a little cautious about including specific dates and / or specific wording stating super WILL be paid into a members account on X date. Do you as an employer, have total control of when the amount will be allocated against a members super accoount? No. You only have control over 50% of the transaction. Once the superfund receives the payment, you loose control.

      So to avoid any legal issues with your employee, (as the payslip is a legal document) I would only be providing general information to the employee on information I have control over.

      I hope this helps.

      Richard Puffe
      MYOB Compliance Product Manager

    • Author

      Eleanor

      November 27, 2013 at 5:47 pm

      I have made a note on the Pay Slips saying “cheque for Super Contributions for the Month Of…. were mailed out on ……..”

  2. Author

    Eveline

    November 22, 2013 at 1:42 pm

    I have a client who has in any financial year over 150 employees. 15 are stsff and the rest are actors and producers and are employed as a one off. What is the payroll number that would be used? Some months the payroll is 35 and in other months it is 15.

    Another question about the super funds – some employees have their own fund, which I pay electronically; do these funds have to make themselves MySuper “compatible?

    Thanks

    • Richard Puffe

      Author

      Richard Puffe MYOB Compliance Product Manager

      November 29, 2013 at 3:33 pm

      Hi Eveline,

      It is my understanding that the count of employees is taken at 1st July. If at that time you had 150 employees, you would be classed as +20 employees and would be required to lodge electronically via SuperStream. Even if you are below the 20 threshold on 1st July, given the usual number of employees and the seasonal spikes, I would suggest using M’Powered Super in AccountRight v19 now or AccountRight Live in early Q2 next year. You will save so much time administrating and paying your super.

      Super funds that operate as a SMSF or are a choice fund (ie not a default fund), do not need to meet the new MySuper requirements.

      The administration requirements of SuperStream are very fluid at present. There are still specifications which are as yet finalised by the ATO, so expect some minor changes in the next few months. As a result, I would ask the same questions to your financial adviser in May next year or just start using the SuperStream feature in AccountRight.

      Hope this helps. Have a great weekend

      Richard Puffe
      MYOB Product Manager – Compliance

  3. Author

    Eleanor

    November 27, 2013 at 5:44 pm

    Will this new Superstream be available directly thru AccountRight V19 or will it only be available by signing up to M-Power?

    • Richard Puffe

      Author

      Richard Puffe MYOB Compliance Product Manager

      November 28, 2013 at 11:54 am

      Hi Eleanor,

      The new SuperStream process will be incorporated within the M’Powered Super service. So you can use the great workflow currently in AccountRight v19 and make the payment and notify your superfunds using the new SuperStream / Data & Payment Standard when it becomes law 1st July 2014.

      So if you are already using M’Powered Super, you don’t need to do anything. If not, sign up now and start using this feature. Why wait for the productivity gains to start after 1st July 2014 when you can have them now. eg a business in Hallam Victoria, 150 employee payroll, takes approx 5-10 min to reconcile and pay super every month.

      Thanks
      Richard Puffe
      MYOB Product Manager – Compliance

  4. Author

    Brayden

    December 3, 2013 at 7:22 pm

    Will there be a cost for the new MYOB super stream?

    • Richard Puffe

      Author

      Richard Puffe MYOB Compliance Product Manager

      December 10, 2013 at 3:39 pm

      Hi Brayden,

      We are in the final stages of working out pricing for AccountRight Live. Once it is available, I will update this blog and our website will also show the new pricing (if in fact it increases).

      Thanks
      Richard Puffe
      MYOB Product Manager – Compliance

  5. Author

    Jane

    December 9, 2013 at 12:49 pm

    Can you provide clarification re SMSFs? I have three employees whose Superannuation Guarantee is paid into their SMSF. My understanding is that all SMSF have to comply with Super Stream/Data and Payment Standard by 1 July 2014 if they are to receive employer Superannuation Guarantee payments. Will this be incorporated into Super Stream? We are currently not registered with M-Powered Super – I would also like to know if there is an additional cost to sign up for Super Stream?

    • Richard Puffe

      Author

      Richard Puffe MYOB Compliance Product Manager

      December 10, 2013 at 3:30 pm

      Hi Jane,

      Yes you are correct. From 1st July 2014, all SMSF’s are “supposed” to be able to receive notification and payments via SuperStream. They will need to register or certify their SMSF to ensure it gets on the SuperStream SMSF register. They should have already received information from the ATO about certification and expect more to follow in the new year. If they have any questions surrounding their SMSF, they should consult their financial adviser in the new year.

      Once this is done, as an employer using MYOB AccountRight Live using the SuperStream service or v19 AccountRight using M’Powered Super, you will be able to search for both APRA funds (eg AMP, BT Online etc) and SMSF’s from a list and append that to your employee card. It will be really simple and you will be SuperStream compliant.

      We are currently working out the price of our SuperStream service for AccountRight Live. Stay tuned as this should be finalised very soon.

      Thanks
      Richard Puffe
      MYOB Product Manager – Compliance

  6. Author

    Mel

    December 27, 2013 at 1:53 pm

    Hi, I currently use MYOB to produce a file which I then load onto the super fund’s websites. I make the payments separately by EFT, Will I still be to do this with MYOB in the future?

  7. Author

    Pam

    January 2, 2014 at 3:58 pm

    As the new super regulations came into effect 1st January 2014 – can MYOB please advise how we can get the appropriate information to upload to a super clearing house to enable us to pay numerous SGC funds at the same time.
    From your website it looks like MYOB is planning on something from 1st July 2014 which is too late, we really need this from now.
    Thanking you

    • Aishah Mustapha

      Author

      Aishah Mustapha Blog Content Editor

      January 6, 2014 at 1:57 pm

      Hi Pam,

      From what I understand, the product managers are looking to push this out some time ahead before July this year to allow breathing space for small businesses. We will definitely update you when we have a firm date.

      Cheers,
      Aishah

  8. Author

    Victor Bimrose

    January 28, 2014 at 5:39 pm

    Will the update be available for MYOB AccountEdge versions from 1 July 2014? (MAC Users)

    • Author

      David Smart

      March 31, 2014 at 4:30 pm

      Victor’s question has been there for 2 months now. I too would like to know if AccountEdge will have support by 1 July 2014.

    • Author

      Jacqui

      April 4, 2014 at 2:03 pm

      I would really like to know also if AccountEdge will have superstream support come 1/7/14.

      • Author

        ab

        April 14, 2014 at 5:44 pm

        I too would also like to know if AccountEdge will be Superstream compliant come 1st July 2014. Is it possible to let us know the progress of this?

  9. Author

    Cardi McAuslan

    February 17, 2014 at 3:06 pm

    Our company employs 35 people and will be required to use the Data and Payment Standar for super contributions by July 2014.
    What date will MYOB provide the Streamline data information and how it will work?
    Will we require any other software?
    What will the associated costs be?
    Thank you.

  10. Author

    Peter

    March 5, 2014 at 6:51 pm

    I share the concerns of your contributors comments submitted in January 14. Deadlines are looming and we are yet to see a demo of MYOB’s SuperStream solution. With over 100 employees July is the busiest month of the year and I am not planning on learning or bedding down a new software package during this time. Ideally I would like to test the new system for our Jan-March super guarantee payment and get it working properly so that’s one less year-end headache. We use Premierv19 but not the MPower function, nor are we likely to consider using it. WIll MYOB be able to cater for our needs or do we start using a clearing house ?

    • Richard Puffe

      Author

      Richard Puffe MYOB Compliance Product Manager

      April 2, 2014 at 9:44 am

      Hi Peter,

      MYOB AccountRight Live Plus & Premier will include a new “Pay Super” feature to be released in June. The service is included in your monthly subscription (so no extra cost) and is really simple to use.

      If you don’t want to use the M’Powered Super service for v19 AccountRIght during the 2014 / 2015 financial year to pay your super contributions, then I would recommend upgrading to AccountRight Live Plus or Premier (to be released May) and start using Pay Super and get bank feeds as part of your monthly subscription.

      As mentioned in a few posts below, we are expecting an announcement from the ATO / Government before Easter advising of some date changes to when superfunds and businesses need to comply with SuperStream.

      I will follow this up with a blog to give all an update as to how this affects your business.

      Thanks
      Richard Puffe
      MYOB Product Manager – Compliance

  11. Author

    Barb

    March 12, 2014 at 11:24 am

    I am just confirming that with only 10 people we will not be required to super stream, is this correct

    • Richard Puffe

      Author

      Richard Puffe MYOB Compliance Product Manager

      April 2, 2014 at 9:23 am

      Hi Barb,

      There will be announcement in mid / late April by the ATO concerning a delay in when businesses must lodge their super contributions electronically via SuperStream, however the current date for a business with less than 20 employees to comply with SuperStream is 1st July 2015.

      MYOB will have a compliant SuperStream service (as & when required by the ATO) within the AccountRight Live Plus & Premier in June this year.

      Whilst it is not mandatory for a less than 20 employee business to adopt a SuperStream compliant service, I would recommend all businesses paying super contributions to start using the AccountRight Live Pay Super service early. The cost of the service is included in your existing monthly subscription and you will save a heap of time completing your monthly or quarterly super contribution payments.

      So why wait until you are required by law? Comply early and get your productivity gains.

      Hopes this helps
      Richard Puffe
      MYOB Product Manager – Compliance

  12. Author

    Sub

    March 27, 2014 at 10:45 am

    Hi there,

    So for the super payment of next qtr ( Apr- June) which is due in July, we process our payroll normally in this period? We use PremierV19. We don’t use M-Powered service. Please advise

    Thank you

    • Richard Puffe

      Author

      Richard Puffe MYOB Compliance Product Manager

      April 2, 2014 at 9:35 am

      Hi Sub,

      We are waiting for the ATO / Government to ratify a change in the SuperStream compliance dates. There are many parties within the superfund community which will not be able to comply with a 1st July 2014 dead deadline.

      What we know, is, if accepted by the ATO & Government in mid / late April, businesses and superfunds will have an extension of time as to when they need to comply with SuperStream.

      Once the exact dates are agreed to, I will be writing a new blog detailing how this affects your business.

      Hopefully we only have to wait two-three weeks for confirmation, however MYOB is working on a SuperStream compliant Pay SuperService and will be releasing this in June.

      Thanks

      Richard Puffe
      MYOB Product Manager – Compliance

  13. Author

    Helen Case

    April 8, 2014 at 11:46 am

    When will the compliance update to allow for Superstream be released? It would make sense to allow clients sufficient time to collect relevant data fields that will be required and to be familiar with the software update prior to 1 July 2014.
    Will this be available to clients on classic MYOB – both Account Right Plus V19.9 and Premier?

    • Aishah Mustapha

      Author

      Aishah Mustapha Blog Content Editor

      April 9, 2014 at 12:22 pm

      Hi Helen,

      Thanks for your question. We will be announcing an update in the next few weeks on the blog. Stay tuned.

      Cheers,
      Aishah

  14. Author

    ab

    April 9, 2014 at 5:00 pm

    Richard, I see that the question has been raised a few times here, but I cannot see any answers on it yet.

    What about AccountEdge for Mac? Are Mac users being left out in the cold again?
    I have a client that has in excess of 20 employees & uses AccountEdge, is there any hope in sight?

  15. Author

    Rob

    April 16, 2014 at 6:20 pm

    Hi,

    I use AccountRight Plus and use a free third party clearing house. What are MYOB plans to meet Superstream requirements for AccountRight Plus users?

  16. Author

    Tamara

    April 22, 2014 at 3:55 pm

    Hello,

    There is a new Employer ID field that is mandatory, where do I get this information from? I have contacted several super funds who I transact with, but they don’t know anything about this employer ID.

    Can you please help?

    • Aishah Mustapha

      Author

      Aishah Mustapha Blog Content Editor

      April 29, 2014 at 11:09 am

      Hi Tamara,

      Which MYOB software are you using?

      - Aishah

  17. Author

    Deb Washington

    April 28, 2014 at 2:29 pm

    Hi there

    Is there any update on this available? I’m getting nervous about compliance, particularly with three staff with SMSFs.

    Thanks
    Deb

    • Aishah Mustapha

      Author

      Aishah Mustapha Blog Content Editor

      April 29, 2014 at 11:05 am

      Hi Deb,

      We’re waiting on the ATO to release further details on SuperStream before we make any announcements for our software. So unfortunately, we can’t say anything yet concerning updates but we will make an announcement as soon as we can.

      Thanks,
      Aishah

      • Author

        Catherine

        May 13, 2014 at 1:43 pm

        Hi,

        I am using Account Right Plus V 19.9 with more than 20 employees . Am I correct is saying that my only option is to use MYOB M-Powered Services as the Super Stream is not being released on this version.
        Does using MYOB M-Powered Services mean I will be compliant with new Legislation?

  18. Author

    Grace Kaur

    May 14, 2014 at 10:11 am

    Hi there

    Is there any update on this available?

    Thanks
    Grace

  19. Author

    Deb Sidney

    May 19, 2014 at 10:49 pm

    Hello

    Will integrated SuperStream solution be available for AccountRight V19, as a number of my clients have V19 and do not want to use the later versions at this stage until working correctly.

    Thanks
    Deb

  20. Author

    Jenny Fayth

    May 21, 2014 at 11:29 am

    We currently have 400+ employees over three payroll companies and we are using MYOB Power Pay v 8.10.Will we be able to use Super Tream though Power pay?
    If we are, when can we expect the update to come through?

  21. Author

    Elaine

    May 26, 2014 at 6:07 pm

    Will AccountEdge users have Superstream support before or after July 1?

  22. Aishah Mustapha

    Author

    Aishah Mustapha Blog Content Editor

    June 3, 2014 at 2:18 pm

    Hi all,

    We’ve just written an update on SuperStream

    http://myob.com.au/blog/were-superstream-ready-enjoy-3-days-work-in-30-minutes/

    Thanks!

  23. Author

    Karen

    June 25, 2014 at 3:50 pm

    Will this new superstream be applied to Accountright V19, it appears to be greyed out above.

    • Aishah Mustapha

      Author

      Aishah Mustapha Blog Content Editor

      July 1, 2014 at 1:03 pm

      Hi Karen,

      Unfortunately, we won’t be releasing a SuperStream compliant solution for v19. When your business needs to be compliant with SuperStream, you will need to migrate to AR Live or use a 3rd party SuperStream service. Thanks

  24. Author

    Lynn Davis

    June 26, 2014 at 2:48 pm

    what is the situation with Account Right Enterprise version 19.9 for SuperStream??

    • Aishah Mustapha

      Author

      Aishah Mustapha Blog Content Editor

      June 27, 2014 at 5:31 pm

      Hi Lynn,

      We’ve written an update on what we will be releasing for SuperStream. The ATO has also extended the compliance deadline. http://myob.com.au/blog/were-superstream-ready-enjoy-3-days-work-in-30-minutes/

      This year, we will be releasing Pay Super, a Superstream “ready” feature for the latest AccountRight. As for older versions, I can’t give you a date, but we will continue to support v19 in terms of compliance. Hope that helps

      Thanks,
      Aishah

  25. Author

    Jane Rees

    June 26, 2014 at 3:17 pm

    It currently takes me two hours a quarter to pay Super for 25 employees via cheque, to 13 different funds. I still use PowerPay and do not subscribe to M-Powered in MYOB AccountRight. I understand that because the ATO has given employers a year to comply with SuperStream, PowerPay is not going to be updated for it until next June (2015). The upgrade I’ve just received for 2014-15 does not comply with SuperStream. I know that PowerPay is obsolete, however I feel it’s a better product than the payroll built in to AccountRight, and than EXO! Can you give me any assurance that PowerPay will be made SuperStream compliant, please?

    • Aishah Mustapha

      Author

      Aishah Mustapha Blog Content Editor

      July 1, 2014 at 1:23 pm

      Hi Jane,

      We are decommissioning M-Powered Super on 30th June 2015 as we are releasing “Pay Super” for SuperStream compliance. It’s a feature in the live version of AccountRight. For PowerPay, I can’t say but I’d imagine we won’t be making it SuperStream compliant. When your business needs to be compliant with SuperStream, you will need to migrate to AR Live or use a 3rd party SuperStream service. Thanks

      • Author

        Fiona

        July 28, 2014 at 4:44 pm

        So this wont come in earlier? I renewed my Premier MYOB subscription and was told by your salesperson that SuperStream was included in this update. I would hate to think that this is left till the absolute last second for the 1st of July 2015. If so I will be seriously considering changing over to Xero as I don’t believe this is acceptable and am disappointed about being given the wrong information by your sales team.

      • Aishah Mustapha

        Author

        Aishah Mustapha Blog Content Editor

        July 29, 2014 at 11:56 am

        Hi Fiona,

        Yes, ‘Pay Super’ feature, which will be SuperStream compliant as and when required by the ATO, is in the latest (from 2014.3 onwards), live version of AccountRight Premier.

        If you need any technical help, you can post a question on our community forum, http://community.myob.com/ , where our support team can answer questions with hundreds of MYOB experts on board.

        Thanks,
        Aishah

  26. Author

    JILL

    August 5, 2014 at 4:05 pm

    What about employers who use AccountEdge Network Edition? When do we get the super enhancements?

    Thanks Jill

  27. Author

    Sam

    September 13, 2014 at 9:42 am

    We have one employee who has a self managed super fund. We pay this separately via our bank account. We use m powered super now, will we have to pay his super through the new super stream?

    • Aishah Mustapha

      Author

      Aishah Mustapha Blog Content Editor

      September 15, 2014 at 4:43 pm

      Hi Sam,

      Currently, the Pay Super feature does not support SMSF. However, we will be looking at this feature in the future, when the SuperStream deadline takes effect. If you have more questions on Pay Super, check out our community forum where we have a technical support team answering questions.

      http://community.myob.com

      Cheers,
      Aishah

  28. Author

    Belinda

    September 13, 2014 at 2:53 pm

    We use Premier and I cannot find a Superstream update for that. Where is is please?

    • Aishah Mustapha

      Author

      Aishah Mustapha Blog Content Editor

      September 15, 2014 at 4:40 pm

      Hi Belinda,

      The SuperStream feature called “Pay Super” is available on the Live version of AccountRight Premier & Plus, meaning you have a file in the cloud or pay a monthly fee instead of a one-off subscription. Hope that helps.

      Cheers,
      Aishah

  29. Author

    Tom Hatfield

    September 25, 2014 at 10:18 am

    Hi, We are a really small business, and currently only have one employee that we pay Super for. We are using Account Right Plus 19.10 but I don’t see any SuperStream option, only the M Power Super solution. Will this be upgraded in the next upgrade or will I need to sign up with M Power in order to do this? I see that it is $3.00 per quarter to use, not a huge amount, but unfair when we are spending each month for the MYOB Cover.

    • Aishah Mustapha

      Author

      Aishah Mustapha Blog Content Editor

      September 25, 2014 at 11:49 am

      Hi Tom,

      The SuperStream feature “Pay Super” is only available if you have an AccountRight Plus subscription, meaning you are using “Live” or have a file in the cloud. It’s not available for the desktop only version and unfortunately it’s not part of the product road map.

      When your business needs to be compliant with SuperStream, you will need to migrate to AR Live or use a 3rd party SuperStream service. As for M-Powered Super, you can use it until 30th June 2015. After this date, M’Powered Super will be decommissioned as it will not meet the new SuperStream requirements. Hope that explains it. Thanks

      Cheers,
      Aishah

  30. Author

    joy smith

    October 21, 2014 at 5:42 pm

    I need to upgrade from MYOB Account Right Premier 19 in order to use MYOB pay super.
    What do I need to upgrade to, as at the moment we do not want to use the cloud?

    • Aishah Mustapha

      Author

      Aishah Mustapha Blog Content Editor

      October 22, 2014 at 4:56 pm

      Hi Joy,

      Our “Pay Super” feature is only available on the cloud version of AccountRight Premier and Plus. So, you’d have to upgrade to the cloud. We’re also not planning to release Pay Super for non-cloud versions of AccountRight so when your business needs to be compliant with SuperStream, you will need to migrate to AR Live or use a 3rd party SuperStream service.

      Thanks,
      Aishah

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