A superannuation clearing house is a kind of one-stop-shop for making superannuation payments in a single transaction. It's simple to use, and it can save you a lot of time and money by simplifying your admin and back office processes.
One of the benefits of a clearing house is that many of the payment steps are automated – so there are generally fewer errors. Your accounts are reconciled and your payment history is summarised for you too – so you can easily keep track of everything. In many cases, clearing houses provide payroll services as well.
Am I using a clearing house already?
You might be, particularly if you’re already paying your super online. The best way to find out is to contact your service provider.
How does it work?
It’s really simple. You make a single payment online, through the clearing house’s web-based facility. All the relevant payments and information are then sent to your employees’ super accounts. Most clearing houses can disperse funds to thousands of funds at once, including your default super fund.
The good news is, most clearing houses can pay into QSuper.
Choosing a clearing house
Here are some of the key things we think you should consider when making a decision about which clearing house to go with.
- The payroll software you’re using – Some payroll software packages (such as MYOB) may have a built-in clearing house option. If you’re not sure whether your payroll software has a clearing house option, contact your provider.
- How many employees you have – Some clearing houses deal specifically with small businesses, while others deal with businesses of all sizes. The government provides a free clearing house service (creatively named the Small Business Superannuation Clearing House) specifically for businesses with fewer than 20 employees.
- The clearing house fee structure – Clearing house fees can vary a lot (from nothing at all to individual charges per contribution). Before choosing a clearing house, it’s best to discuss the fee structure with the individual providers.
Here are some clearing houses that pay into QSuper: