POWERED BY MOMENTUM MEDIA
AMP signs on to Australia Post clearing-house
AMP has become the first default fund to sign on to Australia Post's new clearing-house facilities.
Australia Post has developed the first retail channel for small business superannuation contributions clearing facilities.
The new free service has been designed in line with the Government's SuperStream reforms.
Australia Post acting executive general manager for retail services, Andrew Maitland, said many small businesses paid super contributions via cheque -which could create issues when multiple funds were involved.
"The Australia Post superannuation service means small businesses will have the convenience of paying both choice and default superannuation contributions with one cheque while visiting Australia Post outlets for many of their small business needs," Maitland said.
"With a single payment Australia Post will be able to simplify superannuation payments and ensure each employee gets their individual contributions.
"It will be a practical, simple way for a small business to reduce their administration without any additional cost," he said.
The Council of Small Business of Australia (COSBOA) has been lobbying the Government to reduce the contributions burden on small business. While the Government agreed to promote its free small business superannuation clearing-house facilities, a number of funds have now developed their own.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
