The Australian Government is offering a free super clearing house service to small businesses with less than 20 employees.
This service is free, optional and is designed to reduce red tape and compliance costs for small businesses when meeting their superannuation guarantee obligations.
The Small Business Superannuation Clearing House is administered by Medicare Australia and enables you to pay your employees’ superannuation benefits into one location in a single transaction, after which the Clearing House will distribute the employees’ benefit to their nominated financial institution.
This service also provides a reporting function that allows you to access records of your contribution history.
Essentially the service whilst aiming to reduce the administration costs also hopes to reduce the associated time when businesses must contribute into numerous superannuation funds.
It has been in place since July 10, and businesses need simply to register via the Medicare website.
So get on board and use this service to help you meet your superannuation obligations, minus the financial and time costs