If your employees have ‘choice of fund’ you are probably paying super into multiple different super funds. This can be a complex and time consuming process, requiring you to contact and pay each fund separately. A clearing house allows employers to pay all their super contributions in a single online payment. The clearing house then distributes employee super payment to all the funds on your behalf. Basically, you can spend less time administering super and more time on your business.
Meet SuperStream requirements
For those looking for a simple way to meet the Federal Government’s SuperStream requirements, a clearing house should fit the bill. Employers should be aware by now that SuperStream is the Australian Government initiative aiming to improve the efficiency of the superannuation system by introducing a new way for making super contributions electronically. This includes a new standard for the electronic transmission of linked data and payments.
Remember that the ATO has advised that if you have 20 or more employees, SuperStream started on 1 July 2014 (and becomes mandatory from 1 July 2015). If you have 19 or fewer employees, SuperStream applies from 1 July 2015 (and becomes mandatory from 1 July 2016).
The new Prime Super clearing house
Prime Super’s new clearing house has been developed with these changes in mind and using it means you will be paying super in line with these standards.
The Prime Super clearing house is fully integrated with Prime Super EmployerOnline, our existing online super management solution for employers. A single login enables employers to pay all contributions in one transaction – for both Prime Super members and members of other super funds. Either enter contribution details manually online (‘direct entry’), or simpler still, upload your compatible payroll file (‘payroll upload’). Make one electronic payment for all your employees’ SG contributions and we then forward it to their funds. Confirm when the super payments have been sent to the relevant super funds at any time by logging into your online account.
With the Prime Super clearing house you can:
• Save time and money
• Pay super for all your employees in one transaction
• Meet SuperStream online payment obligations
The Prime Super clearing house is offered at no additional cost to employers who use Prime Super as their default fund and all employers with fewer than 20 employees.
Please speak to your local Prime Super Regional Manager Radek Kotlarczyk to confirm you are registered as a Prime Super default employer or for any further information. Radek Kotlarczyk can be contacted on mobile number 0429 410 426 or email [email protected]
The Prime Super clearing house is facilitated through SCH-Online (Super Clearing House Online).
SCH-Online is operated by The Superannuation Clearing House Pty Limited (ABN
15 086 576 721), a corporate authorised representative (representative number
290290) of the product issuer, Pacific Custodians Pty Limited (ABN 66 009 682 866),
Australian Financial Services License No. 295142. Visit www.sch-online.com.au for further information.
Prime Super (ABN 60 562 335 823) is a not-for-profit Industry Superannuation Fund. This article contains general information only and does not take account of your personal circumstances. You should obtain personal advice where appropriate. This article is current as at the date of publication and subject to change. Prime Super is issued by Prime Super Pty Ltd (ABN 81 067 241 016, AFSL 219723). A Short-Form Product Disclosure Statement is available from the issuer by phoning 1800 675 839.