ATO takes over small business super clearing house
The Australian Taxation Office (ATO) will take over the running of the Small Business Superannuation Clearing House (SBSCH) from Medibank, the Government has announced.
It comes in a bid to reduce the compliance burden employers face when making superannuation contributions for their workers.
"The ATO is best placed to increase the take-up rate of the clearing house as they have access to data on who is eligible for this free service," the Treasury said.
The move is part of the Government's bid to cut $1 billion in red tape.
The SBSCH is a free online service for businesses with 19 or fewer employees and lets employers pay superannuation contributions in one transaction to a single location to reduce compliance costs.
A stakeholder consultation process will follow to explore compliance cost concerns and develop further options to reduce costs.
The ATO is also launching an app for mobile devices enabling small businesses to see if their worker is an employee or contractor for tax and super purposes; to use the payment plan estimator to simulate a payment plan for an ATO debt; and to get news and updates and answers to frequently asked questions.
Recommended for you
With Fortnum Private Wealth and Professional Financial Services now unified under the Entireti umbrella company, CEO Neil Younger has detailed to Money Management the firm’s new direction and future expansion.
The FAAA has suggested looking offshore for overseas financial advisers to ease the adviser shortage, but are employers willing to take on the burden of workplace visas?
There may be a huge influx of alternatives coming to the market, but timing and access difficulties mean advisers can easily end up disappointed with their selection, according to Morningstar global CIO Dan Kemp.
An NSW individual has pleaded guilty to one criminal charge of providing unlicensed financial services after promoting crypto investments at national seminars.
