If you run a small business and have employees, or work for a small business as an employee, then you should read this article. The Federal Government is launching a free superannuation clearing house for businesses that have up to 19 employees.
The clearing house will be run by Medicare Australia. Although Medicare is a bizarre choice for a superannuation clearing house, the Government has introduced the clearing house to save smaller employers the hassle of making individual payments to multiple super funds with different contribution rules, and different form-filling requirements.
For employees of businesses that register to use the clearing house, this will mean that instead of your employer paying your
The payment will be made electronically to Medicare, and then presumably Medicare makes an electronic payment to your chosen superannuation fund, or if you haven’t chosen your super fund, then to the super fund chosen as the default fund by your employer, or to the fund designated in your employment agreement.
The clearing house will be available from 1 July 2010, although it may take a few months it to be fully operational because employers have to register to use the service. The service is optional, but interested employers (with fewer than 20 employees) can register immediately by visiting this link.
The website link above also provides more information about the clearing house and what it means for businesses, employees and superannuation funds.
