CFS Superannuation Clearing House Service (Essential Super for business)

No further action required if you do not want to use the new service. If you would like to continue using the employer super contribution payment service through CommBank’s NetBank after 18 November 2024, you will be guided through a quick setup process that includes updating your contact information, setting up a direct debit, and providing bank details for refunds.

You do have the option of using the Australian Taxation Office's (ATO's) Small Business Clearing House. More information on their superannuation clearing house service can be found on the ATO's website - ato.gov.au. 

Unfortunately, the new service will not allow for third-party arrangements, and access by third parties to Essential Super for business will cease on 15 November 2024. Affected third parties and employers will be notified of this change so they can make alternate arrangements.  

No, this change only relates to the employer super contribution payment service which is accessible through your CommBank NetBank account. 

You will continue to access the employer super contribution payment service through NetBank. The first time you log into NetBank after 18 November and navigate to View accounts > Superannuation, you will be redirected to a new web page outside of NetBank. You will need to agree to the terms and conditions to access the new service with SuperChoice. If you accept, you will be guided through a setup process. This setup process should take no more than three minutes. 

The first time you log in after 18 November, you will be guided through a  setup process that includes updating or confirming your contact information, setting up a direct debit, and providing a refund to employer bank account in case you receive any rejected payments from super funds. 

We will communicate to you again in advance of the new employer super contribution payment service being introduced. 

If you need a copy of your super contribution history, download it from NetBank by AEDT 5pm on 14 November 2024. After this date, contribution history will not be available in the new system. Please refer to the how to download super contribution history guide for instructions. 

The new SuperChoice service requires a direct debit arrangement to process payments, which will take longer to reach super funds. You should allow at least 7 business days for payments to ensure you meet your Superannuation Guarantee obligations. 

CommBank is working with Colonial First State (CFS) to provide Essential Super for business, a simple employer super contribution payment service to help you manage your employer super contributions through NetBank. A new employer super contribution payment service provided by SuperChoice Services Pty Limited (SuperChoice) will be available from 18 November 2024. 

This change only affects the employer super contribution payment service (and associated super payments to employees). It will not affect your personal super account. 

Yes. The first time you log in after 18 November, you will be guided through a quick setup process that includes updating your contact information, setting up a direct debit, and providing bank details for refunds. 

A super contribution payment service is a SuperStream compliant clearing house facility that allows employers to make superannuation contributions to multiple super funds for employees in one single transaction. This service streamlines the process of paying super, ensuring that all contributions are directed to the correct funds efficiently.

Colonial First State (CFS) is a leading provider of superannuation and retirement products in Australia. CFS is working with the Commonwealth Bank (CommBank) to provide Essential Super for business, a simple superannuation contribution payment service to help you manage your employee super contributions through NetBank.

CFS is working with SuperChoice, an Australian super contribution payment service provider that offers a SuperStream compliant online service enabling employers to make superannuation contributions to multiple super funds on behalf of their employees in a single transaction. This service simplifies the process of paying super, ensuring that all contributions are efficiently directed to the correct funds.

Our records indicated that you had previously registered with Colonial First State's superannuation trustee to use the superannuation contribution payment service within NetBank. As part of this registration we obtained contact details. You may or may not have used this service, however, we are required to still provide formal notice on the change. 

Because you have registered for or used the employer superannuation contribution payment service through NetBank, we are required to inform you about the upcoming changes to this service, including the change to a new provider, SuperChoice Services Pty Limited.

A. If you would like to use the new super contribution payment service from 18 November 2024, you will need to have had made payment using the current service by 1 October 2024.

B: If you have registered for, but not used the super contribution payment service in the past, there is no action required from you unless you need a super contribution payment solution.

Yes, you can make super contribution payments after 18 November 2024 using the new service provided by SuperChoice Services Pty Limited. However, in order to be able to use the new service, you will need to have had made payment using the current service by 1 October 2024.

No, unless you have made payment using the current service by 1 October 2024.

You do have the option of using the Australian Taxation Office's (ATO's) Small Business Clearing House. More information on their superannuation clearing house service can be found on the ATO's website.

Essential Super for business is currently unavailable for new business customers. 

Your employer super contribution history will no longer be accessible through NetBank after AEDT 5pm on 14 November 2024. If you need to retain this information, you should download it before AEDT 5pm on 14 November 2024.

SuperChoice Services Pty Limited is a superannuation contribution payment service provider (clearing house). SuperChoice offers an online service that allow employers to make superannuation contributions to multiple super funds on behalf of their employees in one single transaction. This service streamlines the process of paying super, ensuring that all contributions are directed to the correct funds efficiently.

Colonial First State, CommBank and SuperChoice adhere to strict data protection policies to safeguard your information. The superannuation contribution payment service is SuperStream compliant, which means all communications are encrypted with strict protocols in place.

As an employer, you are required to make superannuation contributions for your eligible employees. If you have not been making these payments, you may need to rectify this with the Australian Taxation Office (ATO).

For more information you can go to ATO website.

If you would like to use the new super contribution payment service from 18 November 2024, you will need to use the current service and make payment by 1 October 2024. You can do this by going into NetBank and going to View accounts > and select Superannuation.

From 18 November 2024, in NetBank, you'll still go to View accounts > and select Superannuation, and you will be directed to the new superannuation contribution payment service provided by SuperChoice Services Pty Limited. You’ll need to agree to the terms and conditions with SuperChoice before you can start using the service. We will notify all eligible employers with further information and instructions closer to that date.

If you need a copy of your super contribution history, download it from NetBank by AEDT 5pm on 14 November 2024. Refer to the Employer Contribution History Guide - CBA Self Service for instructions on how to do this. Please note, this history will no longer be available after 15 November 2024.

Essential Super is a superannuation product offered by Colonial First State, distributed by CommBank, that provides simple and effective superannuation solutions for individuals and businesses.

Essential Super is a straightforward and competitively priced super fund suitable for individuals and employers. If you are an employer with an existing arrangement through the Business Employer Super portal and want to meet your Superannuation Guarantee (SG) obligations by setting up a MySuper account for your employees, Essential Super may be the right choice for you.

Essential Super simplifies superannuation by offering a MySuper product (the Lifestage investment option) and a range of single and multi-asset investment options. Additionally, it provides automatic approval for Death and Total and Permanent Disablement (TPD) cover, provided you meet the cover conditions outlined in the product disclosure statement (PDS).

Essential Super for business provides employers with a SuperStream payment solution to pay super to a MySuper fund as a default fund or any other super fund with one single payment, at no cost, accessed via NetBank.