Sometimes super can seem complicated, but paying super shouldn’t be a burden on your business. With the right tools and support, you can save time on your super administration. Using a clearing house is one way to simplify your administration if you’re paying multiple super funds for different employees.
What is a clearing house?Put simply, a clearing house is an intermediary. There are many different types, but in general a clearing house collects and distributes money and/or information. In super, a clearing house acts as a go-between to receive contributions from employers and distribute them to employee super funds.
How does it work?A clearing house lets you pay multiple super funds for different employees in one single transaction.
After adding your employees’ superannuation details, you make one secure electronic transaction and the clearing house distributes it to all of your employees’ nominated super funds on your behalf.
Introducing Sunsuper clearing houseAt Sunsuper, we own and administer our own clearing house. That might not sound exciting, but by choosing Sunsuper clearing house you’ll benefit from a number of time-saving enhancements including fast processing times, less paperwork and more efficient refunds all through our easy to use Employer Online portal.
Plus with new technology, our clearing house is more efficient than ever before and we now have complete end–to-end visibility for every single transaction. You’ll always have access to your contribution history, so you’ll never have to wait for a third party to get back to you.
Because each business is different you can choose a payment option that suits your needs, including, direct debit, EFT and BPAY®. Plus you choose the contribution frequency that aligns best with your payroll process, potentially saving you hours of repetitive work, because your contributions are processed efficiently and your accounts are reconciled with ease.
Data#3 has enjoyed a successful partnership with Sunsuper for the last four years, a relationship that has been defined by the excellent service and support Sunsuper has provided. With the move to the new clearing house six months ago we have seen even more value added into the partnership. The transition has seen processing time halved across the board, resulting in productivity gains for our payroll team. We have also enjoyed excellent and timely support from Sunsuper’s customer service team. Now that the clearing house has been moved in-house, the whole service feels more simple and more personal.
Importantly, at Sunsuper, we don’t hold onto your funds or delay processing payments for the purposes of earning interest. In fact, we’ve got a new payment method called pass-through transactions where we simply administer the payment and the contributions pass directly from the employer to the super fund without even entering our account. Getting started is easy. You can add your employees directly or we can upload your payroll file to get started. Plus, the Sunsuper clearing house is free to use when you choose us as your default or preferred super fund for new employees.
And, if you ever get stuck or need assistance, our dedicated support team is only a phone call away.
Find out more or get started and join the 15,000 employers already using Sunsuper clearing house.
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By Matt De largie, Manager of Digital Distribution, Sunsuper
The views of the author and those who provided the responses to the comments posted on the Knowledge Centre are not necessarily the views of the Sunsuper Board. While Sunsuper attempts to make a wide range of information available via the Knowledge Centre it may not cover all the options available to you. We’ve put this information together as general information only and as such it doesn’t take into account your personal financial objectives, situation or needs. You should get professional advice before relying on this information.