Using MYOB to handle superannuation? This might be of interest.
The superannuation payment and reporting feature of MYOB AccountRight has been certified by the Australian Taxation Office as SuperStream compliant.
SuperStream provides a standard method for electronically sending superannuation contributions to multiple funds. Organisations with 20 or more employees have been able to use SuperStream since last July, and will be required to adopt it from 1 July 2015.
Smaller employers can start using it on 1 July and there's 12 months grace before it becomes compulsory, although it's not the sort of thing you want to leave to the last minute.
The simplest way to take advantage of - or, depending on your point of view, comply with - SuperStream is to use accounting or payroll software or services that are certified to support SuperStream for delivering employer contributions.
The first small business accounting product to receive ATO certification is MYOB AccountRight.
"It was an important milestone for the superannuation industry when MYOB became the first payroll solution to be certified to send SuperStream contributions," said ATO Deputy Commissioner for Superannuation Alison Lendon.
SuperStream compatibility was introduced to MYOB AccountRight Plus and Premier in June 2014, and is now being added to MYOB Essentials Accounting.
"It used to take two hours a month to process superannuation payments and now it takes 20 minutes," said MYOB user Linda Wighton of Sydney Signs, a manufacturing company with 30 employees.
MYOB's payroll function is currently able to make payments to more than 290 superannuation funds, and self-managed funds will soon be added to the list.