MYOB General Manager, Business Division, James Scollay says for businesses using MYOB, the introduction of SuperStream will be made simple.
“To make it easier for businesses of all sizes to comply with SuperStream, MYOB has released a Pay Super feature so meeting your super obligations can form part of your regular payroll process.
“This feature is now available in AccountRight Plus and AccountRight Premier and is in the process of being rolled out across all other MYOB payroll products.”
“Our comparisons of the difference between using integrated software to do the ‘heavy lifting’ of super contributions and working manually to calculate and make payments have demonstrated that employers can turn hours of work into minutes every time they pay super, and the more employees they pay, the greater the time saved. One of our early users of Pay Super told me it turned a five hour job into a five minute job.”
Scollay says the benefit of MYOB’s early release of the new Pay Super feature is that employers don’t need to shop around for providers or deal individually with super funds.
“The update is free for payroll customers with their subscription, and there are no limits on the number of employees paid or the number of transactions. Pay Super replaces M-Powered Super, which has been available to desktop users of AccountRight. This is a great opportunity to upgrade to the new AccountRight.”
According to Scollay, Pay Super has already proven extremely popular with AccountRight customers, with thousands pre-registering their interest in the feature.
“This is just one of a number of constant updates we are introducing to make life easier for Australian business operators. That’s an incredible time saving, freeing the business operator to focus on working more productively on their business.
“If you are still managing or calculating your superannuation obligations, it’s time to take a good look at the benefits a fully integrated online accounting and payroll solution, like MYOB AccountRight, can provide for your business.
“We have also added ABN Lookup to help manage GST reporting requirements and will be further increasing electronic submissions and productivity in the coming year, through further steps towards meeting Standard Business Reporting commitments.”
Superstream is the Australian Tax Office’s (ATO) new process, requiring employers to pay their employees and record their payments electronically, and requiring businesses with 20 or more employees to be compliant by 30 June 2015.
For smaller businesses, with 19 or fewer employees, the ATO has given businesses until 30 June 2016 to be compliant with Superstream, although Scollay says there is “no reason not to start saving time now.”
For more information on MYOB’s solutions for SuperStream click here