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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.
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