Nothing is for free – except the Small Business Superannuation Clearing House. So have you thought about whether you or your clients should be using this system?
The Small Business Superannuation Clearing House is a free online super payment service run by the ATO for small businesses with 19 or fewer employees. It allows businesses to make one secure electronic transaction and the clearing house distributes the super contributions to employees’ nominated super funds.
There are some cool little youTube clips showing how it works, and it looks pretty good.
Even better is that the Government has announced they want to make this service available to more businesses. From 1 July 2015, rather than having to have 19 or fewer employees, an employer will only need to have an annual turnover below the small business entity turnover threshold, which is currently $2 million.
And did I say it was free…