SUPERANNUATION CLEARING HOUSE FOR SMALL BUSINESSES WITH LESS THAN 20 EMPLOYEES

If you are a small business with less than 20 employees you may be spending valuable time each quarter completing superannuation contribution forms for each of your employees, particularly if each employee has a different fund. To assist small businesses reduce time in this area the government has introduced a superannuation Clearing House, which is administrated by Medicare. Once setup the Clearing House saves time by allowing the employer to quickly update contribution amounts for each employee online and to make a single payment to the Clearing House for the combined super contribution for all employees for the quarter. The Clearing House then pays the contribution for each employee to their own superfund and also transmits the relevant payment information to each fund. For further information or to register contact your CIB Adviser or go to: http://www.medicareaustralia.gov.au/super/