The Minister for Small Business Gary Gray today announced that the Federal Government’s Small Business Superannuation Clearing House has distributed more than $1 billion in superannuation payments on behalf of small business owners across Australia.
The Clearing House is a free service that was set up in 2010 to ease the burden on small business owners in having to pay multiple superannuation funds for different employees.
The service reduces the time employers have to spend on transferring the payments, and has the added benefits of ensuring that super is being paid correctly whilst reducing administration costs.
When a small business uses the Clearing House, which is managed by the Department of Human Services, employers securely enter their employees’ superannuation fund details and the contributions are then distributed to their various superannuation funds.
Some 42,000 small business owners have managed their employees’ superannuation contributions using the Clearing House.
Small business owners with 19 or fewer employees may be eligible to use the free service for paying their superannuation guarantee obligations.
More information about the Small Business Superannuation Clearing House, including a webcast and application information, is available here.