Payroll in Xero is a SuperStream certified product and we’re here to help make sure you meet the SuperStream compliance deadline (June 30, 2016).
What is SuperStream compliance?
All businesses in Australia must be ready for SuperStream by June 30, 2016. That’s the deadline for employers to meet the ATO’s SuperStream standard. But you can breathe easy. As you’d expect, Payroll in Xero already provides what you need for SuperStream compliance.
Setting up superannuation funds in Xero must be done correctly to minimise processing failures using SuperStream:
- All regulated superannuation funds must have a new identifier – a unique superannuation identifier (USI) – that replaces the previous SPIN.
- Most self-managed super funds (SMSF) must have an electronic service address (ESA).
- Some employee information – such as a valid contact number, email, and gender – become mandatory.
Note: With Superstream, no cheque payments are made to superannuation funds.
How do I get ready in Xero?
Identify employees whose super details need updating
As there is no direct and reliable one-to-one relationship between a SPIN and a USI, we couldn’t automatically migrate all SPINs to USIs. To assist with this migration, we’ve updated the payroll superannuation accrual report to help you find the employees whose superannuation fund information might need updating.
As with all our reports, you can export this list as an Excel file or a PDF. Once you’ve reviewed the list and have identified employees who don’t have a USI, it’s best to give your employees the new superannuation choice form that includes the USI to complete. They may need to contact their super fund to obtain the correct information. Once you have your employees updated superannuation information, be sure to update your payroll with it.
Update payroll with employee super details
Follow these steps to update payroll with an employee’s updated superannuation information.
- In Settings, select Superannuation to add the regulated super fund.
- In the Employment tab for that employee, select their super fund
Register for auto super in Xero
When you use auto super, your employees’ superannuation contributions are transferred from your registered account to their nominated super funds (both regulated and self-managed).
Auto superannuation is included within Xero’s premium plans. If you’re not already on one, it’s easy to change and the cost difference is usually small. That way you can be sure you’re SuperStream compliant
To register for auto super:
- On the Payroll menu, click Superannuation.
- At the top of the page, click Online Registration Form.
- Enter all the information making sure you complete each item in the checklist, then click Submit.
We’ll contact you as soon as auto super is activated and ready for you to start processing superannuation payment
Managing superannuation outside of Xero
If you’re using a clearing house or a fund’s online portal to meet your superannuation obligations, you need to check with the clearing house or partie.