The small business superannuation clearing house is usually a free payment services for Australian small enterprises. It is created for companies that have nineteen or fewer workers that normally meet their superannuation guarantee duties.
In order to get started, you should register your business via the ATO government website.
By being a member of the small business superannuation clearing house you are able to pay your super fees in just a single transaction to one place. It simplifies the contribution process so much that entrepreneurs can reduce their compliance expenses.
But before you register, you must find out whether each of your workers is eligible for the small business superannuation clearing house.
There is an eligibility tool provided on the ATO site. The main benefits of the system include:
• Ability to make a single contribution electronically at once.
• Employee choices and preferences can be added to transaction details.
• You can nominate a constant contribution figure for a worker
• You can reduce red tape costs and compliance ones.
• Processing of payments is super quick and accurate.
To find out more about the clearing house- please visit:- https://www.ato.gov.au/business/super-for-employers/paying-super-contributions/small-business-superannuation-clearing-house/
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