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SUPERANNUATION
Superannuation compliance can be a nightmare for many small business owners. The government has introduced legislation which will actually help you with your compliance! While the new rules might be a bit of a headache to start with, the benefits will flow on for a long time in terms of saving time.
NEW RULES!
If you have 20 or more employees: New legislation states that from 1 July 2014 you must pay your employee superannuation via a superannuation clearing house.
If you have less than 20 employees: the same rules apply except your start date is 1 July 2015.
I would recommend you start using a clearing house straight away. You will need to do it eventually to be compliant so why not start getting the advantages now?
WHAT IS A SUPERANNUATION CLEARING HOUSE?
A superannuation clearing house is a body that will collect your superannuation funds from you monthly or quarterly in 1 payment and it will then distribute those funds on your behalf to the employee’s superannuation fund.
Every superannuation fund has a ‘spin’ number. Accounting products like XERO locate the spin number for you, enabling much easier set up of your clearing house.
UBS RECOMMENDS
If you have more than 20 staff UBS recommend the clearing house “Super Choice”. There are minimal fees and we suggest you contact them directly for a quote.
- Super Choice
If you have less than 20 staff the government has provided access to a free clearing house.
- Free clearing house
You need to register and set up your employees online. To make it easier, ensure you have the following information handy before you start:
What you need:
- Current staff names
- Dates of birth
- Employment start dates
- Home address
- TFN numbers (not compulsory)
- Superannuation funds
- Either the superannuation funds ABN or S.P.I.N/ Product Number
- Employee member number of that fund.
Finding a Superfund's spin number and/or ABN number can be difficult. The link below has all Superfund's details so it is easy to type in the fund of your choice and it comes up for you! A really good site to keep in mind when creating your superannuation clearing house.
I hope this helps keep you compliant! If you need assistance please don’t hesitate to contact our office.
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