The Federal Government’s SuperStream legislation means that businesses must have a compliant online service to pay their staff’s superannuation contributions.
There are a number of ways to pay your contributions to MIESF.
1) Less than 20 employees
Small Business Superannuation Clearing House
The Australian Government offers a free online clearing house service to small businesses with 19 or fewer employees. The Small Business Superannuation Clearing House (the Clearing House) is designed to reduce red tape and compliance costs for small businesses when meeting their Superannuation Guarantee obligations. As part of these obligations, businesses may need to make superannuation contributions to numerous superannuation funds. This process can be time consuming and result in increased administrative costs.
What does the Clearing House do?
The Clearing House, administered by the Department of Human Services, lets you pay your superannuation contributions to a single location.
You register each of your employee’s superannuation fund details and superannuation contribution amounts with the Clearing House for processing. The Clearing House then distributes the superannuation contributions to the relevant superannuation funds.
How do I register to use the Clearing House?
- Go to the Small Business Superannuation Clearing House and register your business details. You can register your small business online. Please have your ABN and your email address ready in order to register. A user ID and link to set-up your password will be emailed to you. Once you receive these details, logon to the Clearing House to finalise your registration.
- Enter the details for each of your employees. Completing these details will take approximately three minutes for each employee and only needs to be done once. The details will then be pre-populated each time a contribution is made.
The contribution amounts of each employee are entered and submitted to the Clearing House.
Alternatively, call the Fund office on 1800 252 099 to make an individual arrangement.
2) More than 20 employees
Large and medium employers (with 20 or more employees), Australian Prudential Regulation Authority (APRA) regulated funds and trustees of self-managed super funds (SMSFs) now have certain obligations they must meet under the SuperStream standard (the standard) for contributions.
Our convenient Super Connect service enables you to send contributions directly to our bank account.
Click to access the SuperChoice site.
Alternatively, call the Fund office on 1800 252 099 to make an individual arrangement.
Further information on the Fund’s benefits and features can be found in the PDS.
Click to download a copy of the Fund’s compliance letter.
The SuperStream Standard
The SuperStream standard involves sending and receiving contributions electronically in a prescribed format, with linked data and payments. A minimum data set is prescribed, as are the electronic payment options that can be used.
For some employers, implementing SuperStream may include agreeing to use an alternate SuperStream solution offered by an APRA-regulated super fund. Your default fund will inform you of the options that are available, but it is up to each employer to determine their preferred solution.
The Commissioner of Taxation is responsible for ensuring employers and SMSF trustees comply with their obligations under the standard; APRA is responsible for ensuring the compliance of APRA-regulated superannuation funds.