SuperStream is an improvement in the productivity of the superannuation system and MYOB Account Right is ready. The new SuperStream works by introducing common data items, electronic communications, simpler channels and faster business processes for sending employer contributions.
Under SuperStream, employers must start to 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, APRA-regulated super funds and self-managed superannuation (SMSFs) fund receiving contributions.
MYOB have a video to explain more – Set up Pay Superannuation to make super payments directly from AccountRight, meet your employee super obligations in a flash and always stay on top of government changes, including SuperStream. The best bit? It’s free with your AccountRight subscription. You might like to check out our list of super funds you can currently pay using Pay Superannuation. Note that self-managed super funds aren’t available yet, but we’re working on it.
Here is the video link (https://youtu.be/9_XnE6NWTsg )
If you want to get MYOB Account Right (AR) – call us for a competitive quote and extra bonuses in addition to what normal MYOB bonuses and support are supplied – 0407 361 596.
If you already have AR, or once you are set up on AR, here’s how to get started:
Need help? Not sure? Call for FREE 30min advice / strategy session today! 0407 361 596 Aust
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You also get FREE 30 min to assist in setting up your company in the software, and FREE ongoing email or phone support – No-one offers as much! Call and you also get FREE“Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right!
Email firstname.lastname@example.org or call 0407 361 596 Australia