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Matthew Sullivan
Agency principals burdened by the administrative headache of regular payments to multiple employee superannuation funds may benefit from a recently launched federal government initiative.
The Small Business Superannuation Clearing House, which is being run by Medicare, is a free service offered to businesses with less than 20 employees, enabling owners to make one electronic payment for all their employees' superannuation funds.
The Real Estate Institute of Australia highlighted the new service in its latest newsletter, urging agency principals to consider the service.
“The clearing house is designed to make superannuation payments simple," the REIA said.
According to a statement by the federal government, the online-based system takes a few minutes to set up, and business owners will be able to track contribution history, assisting principals meet their superannuation guarantee obligations. Once entered, employees' preferences are pre-populated, meaning owners need only input the relevant contribution amounts at set times.
More information can be obtained at www.medicareaustralia.gov.au/super
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