As of the 1 July 2016 all businesses are affected by the changes to superannuation payments with the introduction of Superstream. Under Superstream you are required to use a clearing house to make all your super payments. From here superannuation payments are then distributed to your employee’s selected superannuation fund. Accounting programs such as Xero and MYOB have their own clearing house, making employers processing of super through Superstream easy.
Paying super with Xero, once you have set it up, is now as easy as selecting the super you would like to pay and entering an authorisation code. The payment is then deducted from your selected account. Your super payments are done!
To allow this feature to work effectively in Xero, make sure all of your employee’s superannuation details are correct – especially the Fund Name, Fund USI and the Member Number.