The Australian Tax Office (ATO) has a service called the Small Business Superannuation Clearing House, designed to help small business (with less than 19 employees) meet their super obligations as employers. Here is what the ATO site says –
The Small Business Superannuation Clearing House is a free, optional service for employers with 19 or fewer employees, as well as those businesses with an annual aggregated turnover of less than $2 million.
You can make your super guarantee (SG) contributions as a single electronic payment to the clearing house, which then distributes the payments to employees’ funds.
The clearing house is designed to reduce red tape and compliance costs for small business.
If you register to use this service:
- Your super guarantee contributions are counted as being paid on the date the clearing house accepts them (so long as the fund does not reject the payments).
- You have 21 days to pass an employee’s choice of fund on to the clearing house.
The page with links to Register (or Login if you have started) is HERE to use the Small Business Superannuation Clearing House.
Or Phone 1300 660 048 or email SBSCHEnquiries@sbsch.gov.au for information about the Small Business Superannuation Clearing House.
Using the Small Business Superannuation Clearing house will ensure you are SuperStream compliant by 1 July 2015.
For answers to questions such as –
What is SuperStream?
How will SuperStream benefit employers?
Who does SuperStream apply to?
When do I have to start using SuperStream?
What information do I need to collect from SMSFs?
Head to Employer FAQs on SuperStream
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