Good news, the days of manually paying individual superannuation funds for each employee may be over for some. The Australian Government recently launched the Small Business Superannuation Clearing House. It is a free service for businesses with 20 employees or less that takes one payment from businesses and makes up to 20 different deposits into the nominated super funds of your employees.
To quote the Government’s release on this:
As a small business owner, meeting your superannuation obligations can be costly and time consuming, with each super fund having its own rules and deadlines for payments.
The Small Business Superannuation Clearing House offers small businesses with less than 20 employees a free online service for simplifying staff superannuation payments. Delivered by Medicare Australia, the clearing house streamlines your super payments in a secure environment to save you time and reduce red tape.
Once registered, eligible businesses only have to enter their employees’ details once to start making payments. The service stores your details and keeps a record of your payments.
This sounds pretty good to us, and the Government says 99% of users think so too. Registration and set-up has been easy so far, fingers crossed for January!
Side note: There are paid alternatives for bigger businesses that work well. And for Xero users we recommend the integrated PayCycle for automated super payments, among its many great features. Contact us for more information if you’d like to explore automated superannuation payment options.