26 Nov 09 Superannuation Clearing House - Release of draft legislation
In a media release issued on 26 November 2009, the Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen, announced the release for public exposure of draft legislative amendments to support the Government's 2008-09 Budget measure to provide a free superannuation clearing house service to small businesses. The measure is designed to reduce the cost to small businesses of complying with their superannuation obligations.
The draft legislation will amend the Superannuation Guarantee (Administration) Act 1992, the Retirement Savings Accounts Act 1997 and the Superannuation Industry (Supervision) Act 1993 to:
- allow employers to meet their obligation to make compulsory superannuation contributions for the benefit of their employees by paying to the approved clearing house;
- extend the conditions under which superannuation contributions by an employer for the benefit of an employee are made in compliance with the choice of fund requirements to cover circumstances where contributions are made through the approved clearing house; and
- allow an employer to satisfy its obligation in relation to the prompt remittance of superannuation amounts deducted from an employee's salary or wages by making payments to the approved clearing house.
For a copy of the Minister's media release, No 2009/040, 26 November 2009, go here
For a copy of the draft amendments, go here