CALL US: (07) 3367 0999 | EMAIL US:

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.

Business
advice

taxation
planning

compliance
services

News

What to do with your Lost Super

March 19, 2021

After COVID 19’s impact on the world, an influx of employees who had lost their jobs fell into the job market. Many of these came from companies that couldn’t afford to continue their employment. As a result, many individuals had to seek alternative employment, or draw from their super. Some individuals took on multiple jobs to pay bills, and others drew from the super that they had accumulated in the government’s early release scheme specifically for coronavirus related income loss.

Super is held by superannuation funds, and accumulates as a result of how much super an employer pays to the employees’ funds. Many Australians may find that they actually possess multiple super accounts as a result of having “lost” their super accounts during changeovers. It can also happen as a result of changing names, moving addresses, living overseas or changing jobs.

Australians can use the ATO’s online tools to:

As superannuation funds often have fees associated with their upkeep, as well as insurances that may be tied into it (such as life, total and permanent disability and income protection), it’s important to consult with providers before accounts are consolidated.

https://www.ato.gov.au/Individuals/Super/Growing-your-super/Keeping-track-of-your-super/#Lostsuper