Simplified super for small business: Bowen
Eligible small businesses are able to register to use the Government’s free Small Business Superannuation Clearing House from today.
Making the announcement, the Minister for Financial Services, Chris Bowen, said this service delivers on the Federal Government’s election commitment to reduce the red-tape burden for small businesses associated with the choice of fund rules.
The service will allow small businesses to play their employees’ superannuation to a single location in one electronic transaction.
The clearing house will then send contributions to the appropriate superannuation fund, and employers can access a record of their contribution history whenever it is needed.
The service will be delivered through Medicare Australia, which was chosen because of its strong electronic payment processing capacity and security track record.
Small businesses with less than 20 staff are encouraged to register now for the clearing house service, which will commence on 1 July 2010.
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