The government has announced that it will deliver its free superannuation clearing house service for small business through Medicare Australia.
The clearing house service will be available free of charge for small businesses with less than 20 employees from July 2010. Small businesses will be able to register for the service from May 2010.
Key features of the superannuation clearing house include:
- eligible small businesses (those with less than 20 employees) will register for the service on-line and thereafter their superannuation contributions will be paid to a single location (the clearing house), which will forward them on to the nominated superannuation funds
- employers will also be able to pass on choice of fund nominations to the clearing house for processing
- Medicare Australia will develop an on-line system for registration and ongoing payments, with payments initially being made via electronic funds transfer.