Hi there,
I am new to MYOB Essentials.
We are a small business (2 employees). We have a SMSF. This fund only receives contributions from related party employers (us), therefore, it is my understanding that we do not have to be Superstream compliant. Is this correct?
Although techinically we don't have to be Superstream compliant, can I (based on the above info, that our SMSF only receives funds from related party employers) still use MYOB's Super Portal as an online tool? Is there any reason why I wouldn't? For example, it is not open to small businesses by the ATO OR...if there is an easier way to electronically process Super payments without having to go through the process of setting up the Super Portal? Although in saying this, I have already registered and I think all I still require is an ESA and to recieve my password etc. from MYOB.
I read somewhere that when you pay super in MYOB nothing gets recorded as a transaction. Is this because the corresponding transaction hits the liability account when you actually run the payroll? Then when your bank feed comes in do you 'match' or 'allocate' the amount to the Super liability account?
Many thanks
LM