By Jason Fittler
If you are a small business and have fewer than 20 employees then read on.
Running a small business is all about time efficiencies. As a small business owner you are required to make super contributions on behalf of your employees. You are also required to offer all of your employees a choice of super. This means in effect you might have to make 20 super payments to 20 different super funds each month or quarter.
This is a very time consuming job. To make life simple and save you money, register on the Small Business Superannuation Clearing House. This is a Government service run through Medicare, which provides small business access to a clearing house free of charge.
It allows you the ability to log on to one web site and pay all of your employee’s super contributions at the same time. The best part is that it is quick and simply to use. The process is as follows:
1. Go to the below web site and register. They will email you out a log in and password. http://www.medicareaustralia.gov.au/super/
2. Log in and put in your employee’s details, most of it is basic information such as name, address and date of birth. You also need to enter the employees Super Indemnification Number and the employees super account number.
3. Once all employees are entered go to pay super contributions, put in the period for the contributions and a list of employees will appear. Put in details of how much is to be paid to each employee and then submit, check and submit again.
The system will then provide you with Bpay details and EFT details. Chose your method of payment and pay.
Once set up it will take you no longer then 10 minutes to pay all of your super contributions. The best part is the date you submit the payments through Small Business Superannuation Clearing House is the date it is taken as paid, not the date that the super fund receives the funds. No more worry about making the payment by the 28th day after the end of the quarter.
This is truly a great service and I would encourage all small business owners to take a look and use this service.
By Jason Fittler