One year until SuperStream deadline - but why wait?

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One year until SuperStream deadline - but why wait?

Businesses with less than twenty employees aren't required to use SuperStream to make superannuation contributions until 1 July 2016, but they can already reap the benefits.

Larger employers need to adopt SuperStream by 1 July 2015, although the ATO recently announced that it won't be taking action against non-complying employers before 31 October providing they were making genuine attempts to comply.

SuperStream is a Government program for submitting superannuation payments and data electronically. It is especially convenient for employers making contributions to more than one fund.
 
MYOB subscription products that include payroll functionality include access to a free SuperStream certified solution, but James Scollay, the company's general manager of SME solutions, said SuperStream awareness among SMEs is still low.
 
"Employers need to know that SuperStream is not just a nice-to-have solution, it will be a mandatory requirement. Business owners still have time to upgrade to a certified service and to ensure they have all the additional information needed from their employees to comply," Scollay said.

Earlier this year, MYOB was the first accounting software provider to achieve cross-certification from the Australian Tax Office for its integrated superannuation payment and reporting feature in its AccountRight SME accounting solution.
 
Karel Huismann, manager and owner of Fedele's Ristorante in suburban Melbourne, is already using MYOB AccountRight's SuperStream capability and finds the benefits go beyond mere compliance.

MYOB has saved Fedele's 10 to 15 hours a week of bookkeeping time, and "The benefits of using the PaySuper functionality in AccountRight include not having to worry about manual calculation errors and knowing that we are fully compliant. We're already contributing through SuperStream so when the Government's mandatory changes come into effect, we won't notice any disruption to our business at all," said Huismann.

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