The Superannuation Clearing House is a free service offered by the ATO to help small businesses in meeting their superannuation obligations.
It is available to businesses with fewer than twenty employees.
From July 1 2014, all businesses with more than nineteen employees have been required to use a suitable superannuation clearing house. Most superannuation funds offer a clearing house, and are able to help you in setting up this service. There are also private superannuation clearing houses that can help businesses with more than 19 employees in meeting their super obligations.
The advantage of the Superannuation Clearing House is that it allows business owners to meet their super guarantee obligations with a single electronic transfer.
By registering to use the Superannuation Clearing House, you are freed from further super guarantee responsibilities provided that you pay the correct amount by the required due date and the payment is accepted by both the Clearing House and the superannuation fund.
Employers who are currently transferring superannuation to multiple accounts are likely to find the Clearing House particularly useful, as it minimises the likelihood of mistakes and reduces the labour involved with superannuation.
Questions about the superannuation clearing house?
Call us on (02) 4926 2300 or email us.
If you wish to speak to one of our accountants about the superannuation clearing house and how it can assist your business, contact us here at Leenane Templeton TODAY!