Can your business use the superannuation clearing house?

Now at a Department of Human Services office near you, the government offers a free superannuation clearing house for businesses with less than 20 employees.

The idea of the service is to take some of the hassle away from smaller employers in meeting their superannuation guarantee obligations, and the headache that sometimes comes from individual payments made to multiple funds, some with different contribution and/or form-filling requirements.

Registering to use the clearing house will mean that a business operator can make a single payment to cover the quarterly or monthly super guarantee entitlements of employees. Payments are made electronically to the clearing house service, and businesses can make incremental payments as often as they like. Once the dollar amount matches the contribution amount, the funds will be disbursed.

The service is optional, but if a business wants to use it they will have to register (you can register here, and also to find out more).

At the time of registration, details regarding your employees' super funds will need to be entered, but you will only need to do this the first time. When the next contribution is made, the details will be 'pre-populated', and all the individual super funds listed will be paid.

When it's time to make your super contribution payments, it can be done with one transaction, and the government has promised that it will do the rest. Once payment is accepted by the clearing house, your super guarantee obligation is discharged – you no longer need to wait until the contribution is accepted by the employee nominated superannuation funds.

Updated July 18, 2012