The clearing house service will be available for small businesses with less than 20 employees from July 2010.

The clearing house will not be available to larger businesses.

How will the Superannuation clearing house service work?

• Eligible small businesses (those with less than 20 employees) will register for the service online and thereafter their superannuation contributions will be paid to Medicare Australia which will forward them on to the nominated superannuation funds.
• Employers will also be able to pass on choice-of-fund nominations to the clearing house for processing.
• Medicare Australia will develop an online system for registration and on-going payments, with payments initially being made via electronic funds transfer (EFT).

Detailed information on the processes for registration an utilisation will be made available closer to the implementation date.

There will be an online system for registration and payments, and payments initially will need to be made via EFT.

When will the service be made available?
The clearing house service will commence from July 2010. Small businesses will be able to register for the service from May 2010.

Ref: Minister for Superannuation press release No.035, NTAA the Tax Advisor’s Voice Edition No.188.