Free Super Payment Service for Small Business

May 17, 2013

Superannuation contribution payments used to be time consuming and often result in higher administration costs. With the introduction of superannuation clearing house, the process is now very simple. All it requires is a single payment to Medicare.

 

 

 

 

Medicare will then transfer the funds to your employees super accounts registered on its system. The best thing about the service is that it is free to small businesses employed less than 20 employees. Please click here for more information about free superannuation payment service provided to small businesses.

 

Type of payment by employer                 Contribution is made when

Cash                                                                    Cash is received by superannuation provider

Electronic fund transfer                                       Money is received by the provider

Bank cheque or money order                              Bank cheque or money order is received

Personal cheque                                                 Personal cheque is received and is cleared within a few business days

Promissory note                                                  Promissory note is received and is cleared within a few business days

 

*Note: under certain circumstances when a promissory note is acquired at a discount, the transfer of the note under such circumstances is considered to be a transfer of an asset, which may result in a breach of the law.

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