11 Nov 09 Superannuation clearing house service
In a joint Media Release issued on 6 November 2009, the Minister for Financial Services, Superannuation and Corporate Law and Minister for Human Services, Chris Bowen, and the Minister for Small Business, Independent Contractors and the Service Economy, Minister for Competition Policy and Consumer Affairs and Minister Assisting the Minister for Finance on Deregulation, Dr Craig Emerson, announced that the Government will deliver its free superannuation clearing house service for small business through Medicare Australia. The clearing house service will be available for small businesses with less than 20 employees from July 2010.
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;
- 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.
For a copy of the joint media release, No 2009/035, 6 November 2009, go here