Comparing Superannuation Clearing Houses in Australia

Choosing the right superannuation clearing house is essential for employers to manage their superannuation obligations efficiently. A super clearing house streamlines the process of paying employee super contributions to various funds, making compliance easier and reducing administrative burdens. Below is an in-depth comparison of some of the most popular superannuation clearing houses in Australia, including their features, pros and cons, costs, support levels, accuracy, and reporting capabilities.

1. SuperChoice

Overview

SuperChoice is a widely used clearing house that caters to businesses of all sizes. It provides an efficient way to manage super contributions across multiple funds in one transaction.

Features

• Allows bulk uploads of contributions.

• Comprehensive compliance support and updates.

• Integration with various payroll systems.

Pros

• Ease of Use: User-friendly interface simplifies the contribution process.

• Scalability: Suitable for both small and large businesses.

• Detailed Reporting: Offers robust reporting tools for tracking contributions and compliance.

Cons

• Cost Structure: Fees may vary based on usage, which could add up for businesses with many employees.

• Learning Curve: Some users report a learning curve when integrating with existing payroll systems.

Cost

SuperChoice typically charges a monthly subscription fee along with transaction fees based on the number of contributions processed.

Level of Support

Offers extensive customer support through phone and online channels, including tutorials and documentation.

Accuracy

High level of accuracy in processing contributions, with automated checks to ensure compliance with regulations.

Reporting

Provides detailed reports that can be customised, helping employers keep track of their superannuation obligations and payments.

2. QuickSuper

Overview

QuickSuper is designed for small to medium-sized businesses, offering a straightforward solution for super contributions.

Features

• Allows employers to make contributions to multiple super funds efficiently.

• Provides a simple online platform for managing contributions.

Pros

• Cost-Effective: No monthly fees for businesses with fewer than 20 employees.

• Quick Setup: Easy to set up and start using immediately.

Cons

• Limited Advanced Features: May not cater to larger businesses with complex needs.

• Basic Reporting: Reporting features may not be as comprehensive as larger clearing houses.

Cost

Free for businesses with fewer than 20 employees; minimal fees apply for larger employers based on usage.

Level of Support

Provides customer support through email and phone, but may have longer response times during peak periods.

Accuracy

Generally accurate, but may require manual checks for larger or more complex contributions.

Reporting

Basic reporting capabilities that cover essential contributions but lack advanced customisation options.

3. Superannuation Clearing House (SACH)

Overview

SACH is a government-backed clearing house aimed at supporting small businesses in managing their super obligations.

Features

• Free access for businesses with fewer than 20 employees.

• Allows payment to multiple super funds in a single transaction.

Pros

• Cost-Free: No fees for eligible small businesses, making it very attractive.

• Security: Backed by the government, providing a high level of trust.

Cons

• Limited to Small Businesses: Not suitable for larger employers or those with complex needs.

• Basic Features: May lack some advanced functionalities found in commercial clearing houses.

Cost

Completely free for eligible businesses with fewer than 20 employees.

Level of Support

Limited support options compared to larger clearing houses, with basic FAQs and online resources.

Accuracy

High accuracy due to government oversight, but users should still verify contributions manually.

Reporting

Provides basic reporting features, focusing primarily on essential contributions without extensive customisation.

4. Employsure Super Clearing House

Overview

Employsure Super Clearing House is part of the broader Employsure platform, providing HR and compliance support alongside super contributions.

Features

• Integrated with HR services for comprehensive support.

• Seamless integration with payroll systems.

Pros

• Comprehensive Support: Excellent resources for understanding compliance and HR issues.

• User-Friendly Interface: Easy to navigate and manage super contributions.

Cons

• Potential Costs: Fees may apply depending on the selected services, which may not be suitable for all businesses.

• Limited Free Resources: While HR support is strong, super clearing features may lack depth for complex needs.

Cost

Fees can vary depending on the level of HR and compliance support chosen, so it’s essential to review pricing closely.

Level of Support

Offers strong support through HR consultants and a dedicated customer service team for super contributions.

Accuracy

Good accuracy in contributions due to integration with payroll systems, reducing manual entry errors.

Reporting

Offers standard reporting capabilities, but the focus is more on HR compliance than extensive super reporting.

5. SmartSuper

Overview

SmartSuper is a flexible clearing house catering to businesses of all sizes, with an emphasis on efficient management of super contributions.

Features

• Supports electronic submissions for ease of use.

• Allows bulk contributions to multiple funds.

Pros

• Integration: Works well with various payroll systems, making it versatile.

• Comprehensive Support: Offers resources for understanding superannuation regulations.

Cons

• Monthly Fees: Some costs may apply, which could deter smaller businesses.

• Complexity: Some users find the interface less intuitive than other options.

Cost

Monthly fees may apply, depending on the number of employees and services used.

Level of Support

Provides solid customer support, with resources available for troubleshooting and compliance queries.

Accuracy

Generally accurate, with automated processes to minimise errors in contributions.

Reporting

Offers detailed reporting tools that can be customised, aiding in tracking contributions and compliance.

Conclusion

When selecting a superannuation clearing house, businesses should consider their size, budget, and specific needs.

• For small businesses, options like SACH and QuickSuper provide cost-effective solutions with essential features.

• Medium to large businesses may benefit more from SuperChoice or SmartSuper, which offer extensive features and robust reporting.

• Employsure Super Clearing House is ideal for businesses looking for integrated HR and compliance support alongside super contributions.

Each clearing house has its own strengths and weaknesses, so it’s crucial for employers to evaluate their unique requirements and choose a solution that aligns with their operational needs and financial goals.