CALL US: (07) 3367 0999 | EMAIL US:

Testimonials

VANCAN

“The team at Salomone Accounts have always gone above and beyond. They make everything easy to understand, in a clear and concise way. They are a proactive team and always have time to answer my questions, however basic. Yes, you heard right…an accountant that is actually easy to speak to, and takes the worry out of managing our numbers. So we can focus on what we do best.”

 

Tara-Jay Rimmer
Director -The Van that Can Pty Ltd
www.thevanthatcan.com.au

Gordon Country Enterprises

“Joe has been amazing guiding us through the process of a start up business and then helping us strategise with the most tax effective way of amalgamating with a parent company. His communication and thoroughness is always on point and his personal touches, such as coming out and doing a personal inspection of the property just go to demonstrate his professionalism, dedication and warmth towards his clients. Whether you are a start up, individual or large commercial venture, we would have no hesitation in recommending Salomone Accountants.”

 

Sarah Gordon
Director – Gordon Country Enterprises Pty Ltd
www.gordoncountry.com.au

Ascent Wealth Management

“Joe and the team at Salomone Accountants have been a great support to my advice practice.  In the nine years we have worked together, Joe’s knowledge coupled with a very efficient process has ensured we have had good outcomes in the processing and lodgement of our returns.  We have also benefited by establishing a number of business structures with Joe’s assistance.  Each time we have needed something, Joe’s assistance has been professional and the process to implement has been seamless.  I have no hesitation in recommending Joe and his team to small business and individuals alike.”

 

Steve Nielsen
Director – Ascent Wealth Management Pty Ltd
www.ascentwm.com.au

“I find Joe a thorough and practical accountant, I have used Joe for my investment accounting & business advice requirement for the past 10years. Joe is prompt, easy to communicate with and always takes the time to listen & understand any requirements. I recommend Joe for both Personal & Business accounting services.”

 

Colin Smith
General Manager – SSS Australia

“Salomone Accountants were integral in the commencement of our business, 8 years ago, and have been working with us ever since, as our business grew.  Joe and the team have always been attentive to our needs and provide a highly professional service, allowing us to focus on the growth of the business”

 

Jonathan Crooke
Director – Seventh Circle Studio Pty Ltd

Business
advice

taxation
planning

compliance
services

News

Understanding The Superannuation Clearing House

June 4, 2024

As the End of the Financial Year (EOFY) approaches, employers and self-employed individuals must ensure their superannuation contributions are processed efficiently and on time.

Utilising a superannuation clearing house can streamline this process, ensuring compliance and maximising the benefits of super contributions.

Here’s a comprehensive guide on why and how to get your super into a superannuation clearing house before 30 June 2024.

Understanding Superannuation Clearing Houses

A superannuation clearing house is a service that allows employers to make super contributions to multiple super funds in one transaction. This service is particularly beneficial for businesses managing contributions for multiple employees with different super funds. The clearinghouse distributes the contributions to the respective super funds on behalf of the employer, simplifying the administration process.

Benefits of Using a Superannuation Clearing House

  1. Efficiency: Streamlines the process of making super contributions by consolidating multiple payments into a single transaction.
  2. Compliance: Ensures contributions are made on time and in accordance with the Superannuation Guarantee (SG) obligations.
  3. Record-Keeping: Provides a single source of records for all superannuation transactions, making tracking and reporting contributions easier.
  4. Error Reduction: Automating the distribution process minimizes the risk of errors in payments and contributions.

The Importance of Meeting the 30 June Deadline

  1. Tax Benefits: To claim a tax deduction for super contributions in the 2023-2024 financial year, contributions must be received by the super fund by 30 June 2024.
  2. Avoiding Penalties: Late contributions may attract penalties from the Australian Taxation Office (ATO) for non-compliance with SG obligations.
  3. Employee Satisfaction: Ensures employees’ superannuation accounts are credited in a timely manner, demonstrating responsible employer practices.

Steps to Use a Superannuation Clearing House

  1. Choose a Clearing House: Select a superannuation clearing house that meets your business needs. Options include:
    • Small Business Superannuation Clearing House (SBSCH): A free service provided by the ATO for small businesses with 19 or fewer employees or an annual turnover of $10 million or less.
    • Commercial Clearing Houses: Various financial institutions and super funds offer clearing house services with different features and costs.
  2. Register and Set Up an Account: Sign up for the chosen clearing house service and set up your account. This typically involves providing business details, employee information, and super fund details.
  3. Prepare Contribution Data: Compile all necessary information for super contributions, including employee details, super fund details, and the amounts to be contributed.
  4. Make the Payment: Use the clearing house platform to make a single payment for all contributions. The clearing house will distribute the funds to the respective super funds.
  5. Confirm and Track Contributions: Ensure contributions are processed and distributed before 30 June 2024. Most clearing houses provide tracking and confirmation features to monitor the status of your payments.

Tips for Timely Super Contributions

  1. Plan Ahead: Begin the contribution process well in advance of the EOFY deadline to account for any potential delays in processing.
  2. Regular Contributions: Make regular super contributions throughout the year to avoid a last-minute rush and ensure consistent compliance.
  3. Review Payroll Systems: Ensure your payroll system is integrated with your clearing house service for seamless contributions.
  4. Communicate with Employees: Inform employees about the super contribution process and deadlines to manage expectations.

Utilising a superannuation clearing house before 30 June 2024 is a smart move for businesses and self-employed individuals looking to streamline super contributions, ensure compliance, and maximise tax benefits.

By planning ahead, choosing the right clearing house, and following the necessary steps, you can meet your EOFY obligations efficiently and effectively. Embrace the convenience of a superannuation clearing house to simplify your super contribution process and focus on growing your business with peace of mind.