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MYOB – SuperStream and how MYOB Account Right Essentials and Premier can help
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Published on Wednesday, 22 November 2017 13:09
SuperStream is a way to increase efficiency of the superannuation system and MYOB Essentials, Account Right and Premier are ready. SuperStream works by using common data, electronic communications, simpler channels and faster business processes for sending employer contributions.
Under SuperStream, employers must make super contributions electronically. The contribution data is sent electronically in a new message format to the fund, and the contribution payment is sent electronically through the banking system.
The data message and payment are linked by a payment reference number, which enables reconciliation by the receiving fund. Many of the key components required for this change, including e-commerce infrastructure and software solutions, are already in use in the marketplace. Others are currently undergoing development and trials before being implemented.
SuperStream is mandatory for all employers making super contributions to APRA-regulated super funds and self-managed superannuation (SMSFs) fund receiving contributions. If you're not compliant, you could be penalised by the ATO.
Visit the ATO website for more information.
Find out more and click the software type further down the page – or call us to have a chat and help!
See more and a video about SuperStream in MYOB Account Right – down the page, “Pay Super”
See more about SuperStream in MYOB Essentials – “Pay Superannuation”, via Super Portal
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