Small business superannuation clearing house
The Government has announced that eligible small businesses (those with under 20 employees) are now able to use their free Small Business Superannuation Clearing House. The Clearing House is designed to reduce red tape and compliance costs for small businesses when meeting their superannuation guarantee obligations.
The Clearing House will be administered Medicare Australia and allows employers to pay super contributions to a single location for processing by one electronic payment. The Clearing House will then distribute the super contributions to the individual funds as chosen by your employees.
Once set-up the Clearing House will pre-populate your employee’s preferences and you will only need to enter the contribution amounts. A payment option is also available for you to nominate a regular contribution amount for an employee.
If you are interested in using this product, please visit www.medicareaustralia.gov.au/super for further details and to register your business.