Increased access to Superannuation Clearing House
The ATO has changed the conditions of registration for businesses to access the Small Business Superannuation Clearing House.
The Small Business Superannuation Clearing House is a free online service available for small businesses to make super contributions for their employees. The Tax Office is now allowing businesses with 19 or less employees or businesses with an annual aggregated turnover of $10 million or less to use the service.
These employers can now make super guarantee contributions as a single electronic payment to the Clearing House and it will then distribute the payments to employees’ funds.
The super guarantee contributions count as paid on the date the Clearing House accepts them. Employers have 21 days to pass an employee’s choice of fund to the Clearing House.
The Clearing House reduces red tape and compliance costs for small business.
In early 2018, the Clearing House will be integrated with other ATO online services in the Business Portal to better serve the growing number of users.