In 2011 it became compulsory for all employers to be SuperStream compliant.
What is Superstream?
SuperStream allows you to make a single online payment for superannuation contributions to all employees’ super funds.
If you are using an accounting platform for your accounts you can also apply through them to lodge your superannuation either monthly or quarterly.
MYOB has the ability built-in to report, pay and lodge superannuation through the software – it is a free service if you have an active subscription.
Xero Your pricing plan needs to include superannuation before you can register for auto super.
Quickbooks Online uses ClickSuper available for all users and comes at no extra cost if processed quarterly.
Additional super payments outside the quarterly ones incur extra costs at 25c per employee per batch submission.
You can use your default superannuation’s clearing house to lodge your obligation.
Your obligated to lodge and pay your super by the due dates without incurring penalties and charges.
- Quarter 1 July 1 to Sept 30 Lodge & Pay no later than Oct 30
- Quarter 2 Oct 1 to Dec 31 Lodge & Pay no later than Jan 28
- Quarter 3 Jan 1 to March 31 Lodge & Pay no later than April 28
- Quarter 4 April 1 to June 30 Lodge & Pay no later than July 28
Be aware that It can take up to 14 days for a Clearing house to effectively submit your super contributions
- Organise prior to 15th of each month so you will not be penalised
- Late fees are not subject when the fund receives the contribution