SuperStream

From 1 July 2016 all employers are required to use Superstream compliant processes for superannuation contribution made for their employees. This essentialy involves electronically submitting contribution data as well as making payments - so no more paper forms or cheques. More details about the SuperStream objectives and requirements can be found here on the ATO's website.

If your version of MYOB is not 'Superstream compliant' there are fortunately numerous solutions. For example many Industry Funds will act as commercial Clearing Houses, receiving your contribution details and one payment - even if your employees belong to several different funds. The Clearing House processes the information you submit to their website and they provide a Payment Reference Number (PRN) for your payment. They then pass on the contribution details and payment to the various super funds.

Here as a few links to some of these providers in no particular order. Some free, some have fees. Many of the Industry Funds have an arrangement with SCH Online to provide free services if you register via the Industry Fund - they will often want you to specify them as a Default Fund should an employee not have a preferred fund. We suggest you make your own enquiries with your industry fund or visit some of these links below:

• Industry Super Clearing House here
• SCH Online here
• CBUS here
• REST - Employer Access here
• SunSuper here
• Westpac - QuickSuper here
• CareSuper here
• intrustsuper here
• BUSSQ here

PerfectSuper for MYOB is powerful software that can automatically extract data from your MYOB® company file and compile it into the format required by most Clearing Houses, including many of those above. Once you have set all the employee and super fund details in your MYOB® company file, this software will make monthly super a breeze.
Visit Accounting Power's website for more information here

If you know of any other solutions, please let us know so we can add them to this list.

Small Business
Employers with under 20 employees are not required to comply with SuperStream until 1 July 2016 - but they don't have to wait until then. These employers can also use the Small Business Clearing House which is a free service run by the ATO.
More details can be found here.