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17/11/2010; Free superannuation clearing house for small businesses

The Australian Government is offering a free super clearing house service to small businesses with less than 20 employees.

This service is free, optional and is designed to reduce red tape and compliance costs for small businesses when meeting their superannuation guarantee obligations.

The Small Business Superannuation Clearing House is administered by Medicare Australia and enables you to pay your employees’ superannuation benefits into one location in a single transaction, after which the Clearing House will distribute the employees’ benefit to their nominated financial institution.

This service also provides a reporting function that allows you to access records of your contribution history.

Essentially the service whilst aiming to reduce the administration costs also hopes to reduce the associated time when businesses must contribute into numerous superannuation funds.

It has been in place since July 10, and businesses need simply to register via the Medicare website.

So get on board and use this service to help you meet your superannuation obligations, minus the financial and time costs

Posted on 16 December '10 by , under Business.

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What to consider when consolidating your super

The ATO reported that 45% of working Australians were not aware that they had multiple super accounts in 2016. Having multiple super accounts is particularly common for individuals who have had more than one job. If this is you, it is important to identify and manage your super accounts because having more than one can be costly as a result of account fees from multiple funds.To combat this, you may want to consolidate your super, which moves all your super into one account. Not only does this save on fees, but it also makes your super easier to manage and keep track of.

Before consolidating your super, it is important to do the following:

Research your funds' policy
Compare your active super accounts so you can make the right choice about which one you should close. Things to assess include:

  • Exit fees
  • Insurance policies
  • Investment options
  • Ongoing service fees
  • Performance of the funds

Check employer contributions
Changing funds may affect how much your employer contributes, as some employers contribute more to certain funds. Check your current accounts to see if changing funds will affect this. Once you have selected a super fund, regardless of whether you choose a new super fund or one of your existing ones, provide your employer with the details they need to pay super into your selected account.

Gather the relevant information
When consolidating your super, you will need to have the following details ready:

  • Your tax file number.
  • Proof of identity. This could include your driver's license, birth certificate or passport.
  • Your fund's superannuation product identification number (SPIN).
  • Your fund's unique superannuation identifier (USI).
  • Details of your previous fund.

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