SuperStream compliance – What does it mean?
All contributions you make to superannuation funds will need to be electronic and in the specific SuperStream format to meet the ATO requirements.
Medium and Large employers (20 or more employees) have until the 1 July 2015 and smaller businesses (19 or fewer employees) have until the 1 July 2016 to have a compliant SuperStream solution.
If you don’t have a arrangement in place, MYOB have one for you.
Step 1. Pre-Register for a SuperStream compliance solution with MYOB.
Step 2. If you complete the pre-registration, they will ensure you are registered with the ATO as having a SuperStream compliance plan.
Step 3. MYOB will notify you when it is time to finalise your registration for the MYOB Superannuation service (this involves paperwork for banking details etc).
Key benefits of the MYOB Superannuation service.
- It’s free for MYOB EXO Employer Services clients as part of your Annual Licence Fee (ALF).
- The MYOB Superannuation service will act as a clearing house and distributes all employee contributions electronically for you.
- You will save time, by reducing administration tasks – so you can focus on other things.
To make sure you are compliant and registered with the ATO as having a SuperStream compliance plan: Pre Register Now!
Click here to read a great Blog post on all the things you’ll love about SuperStream.