Government pushes merits of small business clearing house
The Minister for Small Business, Brendan O'Connor, has backed the success of the Federal Government's Small Business Superannuation Clearing House as it passed half a billion dollars in superannuation payments last week.
O'Connor said registration was quick and easy, with 98 per cent of small business owners in its monthly surveys saying they would recommend the service to other small business owners.
"There are half a billion reasons to be proud of the clearing house, this is a good idea which is working well," he said.
Minister for Human Services Senator Kim Carr said the small business clearing house had cut red tape for more than 33,000 businesses by up to 32 hours of paperwork annually.
Last month, the Government agreed to increase its efforts to promote the clearing house after a superannuation roundtable with the Council of Small Businesses of Australia (COSBOA) and industry leaders.
COSBOA executive director Peter Strong supported the Government's clearing house but said the council would continue to push it to align pay-as-you-go (PAYG) statements with superannuation contributions to ease small business employers' reporting burden.
He said superannuation funds were best placed to put the clearing house front and centre in employers' minds.
Last month Sunsuper said it had doubled its employer members, attracting 12,000 new small businesses to its online clearing house over 12 months using search engine optimisation. This helped the company double its funds under management to $20 billion, with the fund growing 15 per cent.
Recommended for you
As private markets maintain their position in the spotlight amid ASIC scrutiny, an adviser and an investment specialist have highlighted the growing reliance on AFSLs to guide advisers’ use of the asset class.
Vital Business Partners has thrown its support behind ASIC’s review of advice businesses’ use of offshore service providers, urging business to reassess their own set-ups.
Forbes Fava Saville has announced the appointment of a new senior financial planner, expanding its ranks to help serve clients across its Victoria offices.
Marking off its first year of operation, Perth-based advice firm Leeuwin Wealth is now looking to strengthen its position in the WA market, targeting organic growth and a strong regional presence.
