How the Superannuation Clearing House could help your small business
As a small business owner and employer, you have obligations you're required to meet. One of these is ensuring that your employees' Super Guarantee (SG) contributions are correctly handled. Dealing with these can take up a lot of time and energy.
A service called the Small Business Superannuation Clearing House (SBSCH) can help make this process a lot more manageable for you, leaving you more time to focus on running your business.
What is the SBSCH?
The SBSCH is a free service that is run by the Federal Government. Your business can make a single online payment for your employees' Super Guarantee contributions and the SBSCH will do the rest for you.
When you first register for the SBSCH you'll need to enter the details of each employee's Super preferences. This will include:
- Nominating a regular contribution amount.
- Employee details, such as whether they're full-time or casual.
- The employee's choice of fund.
However, once this initial setup is completed managing superannuation contributions is as simple as logging into the service and making one electronic transfer to it. From there, the SBSCH will organise distributing the contributions to the right places for you.
As a small business owner, this can remove a lot of stress out of the process for you. Not only does it save you time, but the risk of making an error with the payment is greatly reduced.
Any business with 19 or fewer employees, or an annual aggregated turnover of less than $10 million, is welcome to use the Government's SBSCH. To register your business for using the SBSCH you'll need to supply some details about your company. For example, if you're a registered business the SBSCH will need your ABN number.
How the SBSCH helps small businesses
Small businesses can face a lot of red tape with the contribution process as well as compliance costs which add to your overheads. The SBSCH is designed to reduce the complications involved and cut costs.
All the employee details added to the SBSCH are stored for future use within the system, and the streamlined single payment is processed within moments. If you ever want to look up a transaction the SBSCH holds your complete payment history as well.
As it's set up by the Government, the SBSCH is SuperStream compliant. Run online, you have access to the SBSCH 24/7.
The SBSCH is secure, fast, and easy to use. If your small business is struggling with payroll and processing superannuation contributions, contact the team at Wilson Porter today. We can help you manage your accounting needs and support you in meeting your business goals.