What is a superannuation clearing house?
A super clearing house allows you to make a single online payment for superannuation contributions to all employees’ super funds.
After registering the superannuation preferences of your employees with the clearing house, you simply login each payment cycle and make a single electronic transfer to the clearing house. The clearing house then distributes the required payments to all your employees’ super funds on your behalf.
Not only does it save you time but it also minimises the risk of payment errors.
How do I find a super clearing house?
If you’re a smaller business with under 20 staff members, then you can use the Federal Government’s Small Business Superannuation Clearing House. This is a free service offered to all small businesses in Australia.
If you’re a business with more than 20 employees, most super funds provide access to a clearing house service and will help you set up your account.
There are also a number of private super clearing house service providers.