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
- 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.