29 July 2010
An opportunity to simplify your superannuation guarantee obligations
From 1 July, 2010, employers with less than 20 employees can take advantage of a free, online Small Business Superannuation Clearing House to make their super guarantee payments. The Clearing House is administered by Medicare Australia, offering employers the simplicity of making all of their super guarantee payments to a single location.
This free service can:
• Help ease the administrative burden of making separate payments to various employees super funds
• Enable employers to stay on top of their obligation to provide employees with a choice of super fund
• Provide the assurances that once the payment has been accepted by the Clearing House and distributed, your super guarantee obligation has been met.
Once registered, set-up time per employee is about 3 minutes. It will only take a few minutes to use the Clearing House as each time you make a contribution, your employees' preferences will be pre-populated for you. All you will need to do is enter the contribution amounts and once the correct balance has been received by the Clearing house, it will disperse the funds automatically.
To register for this free services, find more information or view a demonstration of the Clearing House go to the following website: http://www.medicareaustralia.gov.au/super/
and follow the relevant links.
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This Newsletter, of necessity, has dealt with matters of a technical nature in general terms only. Clients should contact us for detailed information on any of the items in the Newsletter. No responsibility for loss occasioned to any person acting or refraining from acting in reliance upon any material in this Newsletter can be accepted by any member or employee of the firm.