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SuperStream is a government initiative to simplify your superannuation obligations by making it mandatory to provide contribution data and make super payments electronically.
Super rate increase from 1 July 2021
The mandatory superannuation guarantee rate increased from 9.5% to 10% from 1 July 2021. Check that your employees' superannuation guarantee rate is set to 10%.
All businesses are required to be SuperStream compliant.
For all the details on SuperStream, see the ATO website.
Quick and easy compliance with MYOB's super portal
MYOB Essentials makes it easy to comply with SuperStream requirements. Your subscription gives you access to MYOB's super portal, an online, SuperStream-certified service that allows you to make compliant super payments.
You'll create a file in MYOB Essentials and upload it to the portal, where you'll be able to pay and report all your super contributions. Learn more about using and maintaining the MYOB super portal.
Get started paying super
1. Get ready
Before you can start paying super through MYOB's super portal, you need to update some details to meet SuperStream requirements. See Set up Pay superannuation.
2. Pay super
Once that's done, you'll be able to use the Pay superannuation page to create a contribution file that you can download and submit to MYOB's super portal. See Paying super.
Need help with the Super Portal?
If you have any questions call us on 1300 555 931 or email firstname.lastname@example.org
When you use MYOB's super portal to pay superannuation, the money will be automatically paid from your bank account. But this won't affect your MYOB software accounts. You'll need to record the payment transaction yourself.
If you're using:
- MYOB Essentials and you've got bank feeds on this bank account, this is easy. When the super payment transaction appears in your bank feed, just allocate it to your Superannuation Payable liability account. If any of your employees have a salary sacrifice agreement you'll need to allocate this amount to the Payroll Deductions account.
- AccountEdge, AccountRight v19 or MYOB Essentials but you don't have bank feeds, you can create a Spend Money transaction for the amount of the super payment. Allocate it to your Superannuation Payable liability account.
Can I pay my super contributions through a 3rd party clearing house?
We'd recommend paying super through MYOB's super portal as it seamlessly integrates with MYOB Essentials. Also, the contribution file generated by MYOB Essentials is formatted specifically to be uploaded to the MYOB super portal. It's unlikely to be supported by any other super clearing provider.
If you're paying super through a 3rd party, make sure you're complying with the ATO's SuperStream requirements.
You'll also need to update MYOB Essentials each time you make a super payment by completing the following:
- Take note of the super contributions to be processed on the Pay superannuation page in MYOB Essentials (see above for details). You'll need these details, such as the employees' names and contribution amounts, to be able to make their super payments.
- Select the super payments to be paid on the Pay superannuation page and click Pay super (see above for details), then click Download super file. This clears those payments from the page and helps you keep track of payments yet to be paid, i.e. those payments remaining on the Pay superannuation page. It's up to you where you save the downloaded file and what you do with it. Check with your super clearing house about how to provide them your super payment info.
- Enter the transaction in MYOB Essentials for the super payments.
If you have bank feeds on the bank account your super payments are paid from, allocate the withdrawal transaction to your Superannuation Payable liability account.
If you don't have bank feeds on this bank account, create a spend money transaction for the total payment. See Recording super payments made through MYOB's super portal for details.