Superannuation ‘clearing house’ service announced
November 9, 2009
Richmond MP Justine Elliot has announced the Government’s new free superannuation clearing house service for small business, to be delivered through Medicare Australia.
“This service delivers on the Rudd Government’s election commitment to cut red tape for small business associated with the choice of fund obligations,” Ms Elliot said.
“It will do this by enabling small businesses with fewer than 20 employees to pay their superannuation contributions electronically to a single location.”
Medicare Australia will process the transactions for eligible small businesses and forward them on to the nominated superannuation funds free of charge.
“The super clearing house initiative is good news for local small businesses,” Ms Elliot said.
“It means they will not only reduce the time and paperwork burden of paying contributions into numerous funds, but also reduce compliance costs associated with meeting their superannuation obligations.”
Key features of the superannuation clearing house for participating small businesses include:
Superannuation contributions made to numerous funds will be electronically paid to a single location (the clearing house) which will process the transactions securely and privately;
Small businesses that choose to use the clearing house service will have their legal obligation to make superannuation contributions discharged when payment of the correct amount is made to the clearing house;
The clearing house facility will be offered free of charge to small businesses with less than 20 employees; and
The clearing house will manage employers’ choice of fund obligations.
The superannuation clearing house will be funded through the $16.1 million allocation that was made available in the 2008-09 Budget and will be reviewed at the end of the initial three-year period.
Local small businesses can register for the clearing house service from May 2010 and the service will commence from July 2010.
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