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Tuesday, 5 March 2013

Small business access to free superannuation clearing house

Making superannuation contributions each quarter to several superannuation funds can be time consuming and may result in increased administrative costs.

The Government has set up the Small Business Superannuation Clearing House that allows employers with 19 or fewer employees access to a free superannuation clearing house to process payments of contributions into various superannuation funds nominated by employees.

Some key features of the service are:
  • Employers make one secure electronic transaction which is then distributed to each of the superannuation funds nominated by employees;
  • Each time contributions are made to employees, their preferences and details are already populated, so only contribution amounts need to be entered;
  • Regular contribution amounts for an employee can be set up;
  • Records of the employer's contribution history can be obtained when required; and
  • The service is available 24 hours a day, seven days a week.
For more information on the Small Business Superannuation Clearing House, including how to register, click here.

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