Tuesday, February 17, 2009

How Much is Superannuation Compliance Costing You?

What happens in your business? Do you pay superannuation contributions manually. Like . . . do you write out cheques, combine those cheques with forms that you have had to fill out manually, and insert these into envelopes to be sent to superannuation fund administrators? If your business does that or something similar it is costing you a considerable amount of time, effort and ultimately money.

All that time, effort and money could be saved by using a clearing house. Essentially what a clearing house offers you is a place where you export all the contribution data, upload that file, and the job is done. It is that simple.

Once the clearing house receives that data it automatically creates contribution data and payment details. The clearing house automatically debits from your registered bank account the total sum of all the contributions. Those monies are cleared to be paid to each individual fund administrator and the relevant data is also electronically uploaded to the fund administrator's computing system. A message is sent back to you via the Superconnect site that the payments have been made and a confirmation that the fund administrator is in receipt of your data.

All of that is done for you automatically. You can even revisit the Superconnect site and see the transactions that have been successful.

AND what does it cost you to complete transactions this way? Just a few cents in fact. In fact, it is about 46 cents per member payment to send your contributions this way. Now that is a lot less than what you are currently paying to get the job done. It is that simple.

If you would like to register with Superconnect and test out how this can be done for you, please visit the Superconnect site and apply for use of the Superconect Clearing House at: www.superconnect.com.au

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