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13 May 08 Clearing house facility to cut red tape burden

In a media release issued on 13 May 2008, the Minister for Superannuation and Corporate Law, Senator Sherry, said that the Government will provide funding of $16 m over 3 years to set up an optional superannuation clearing house facility to cut the red tape burden on businesses across Australia. A superannuation clearing house will allow an employer to pay their contributions to a single location. The clearing house will then distribute them to the relevant superannuation funds as selected by their employees.

For a copy of the Minister's press release, No 2008/22, 13 May 2008, go here

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