Have you heard about the Small Business Superannuation Clearing House? No? You aren’t alone. I believe that this has been one of the most overlooked and unspoken government initiatives that is around.
If you’re in business, you know how hard it is when each staff member has their own fund which you need to contribute to. The deadline comes around and you’re scrambling to find the half a dozen different fund details to pay everyones super into. It’s a pain…to put it in the nicest terms. Every time I get a new staff member I find myself mentally willing them to choose the fund that’s the same as the majority of my existing staff. I don’t think I’ve got any magical powers because my mental willing has never worked and I have ended up contributing to a variety of funds too.
Enter the solution: The Small Business Superannuation Clearing House.
- The basic concept is that you can pay all of your super to the clearing house in one electronic transaction and then they will take this payment and split it up between all of your staff separate superannuation funds.
- It’s available for employers with staff of 19 people or less.
- It’s done online, you need to register here using your ABN and email address.
- Once you’ve registered, you setup all of your employees with their fund details and then these are kept on file and pre-fill each time you pay your super so there is no time wasted re-entering data.
The Small Business Superannuation Clearing House decreases the time required by you in order to meet your compliance obligations in paying staff super. The time saving sounds wonderful and I love the efficiency of this idea but most of all I love the cost – Free!!