The Gillard Government made further progress towards smarter, simpler, and fairer superannuation with the fourth meeting of the Superannuation Roundtable in Melbourne today.
A key outcome was that the Roundtable representatives, including those representing accountants, the not-for-profit sector and the super industry, agreed to a COSBOA proposal to better promote the Government's small business clearing house.
There are 32,000 small businesses that use the small business clearing house, covering 210,000 employees, with $465 million in super contributions having been processed to date. The service is particularly popular with small businesses with 1 to 9 employees.
The Minister for Superannuation Bill Shorten said, "The Government's super clearing house reduces red tape for small business, but superfunds need to increase their promotion of its services."
"I congratulate Peter Strong, from COSBOA, for securing this outcome, which will help make life easier for small business." Mr Shorten said.
The Minister for Small Business, Brendan O'Connor said "The Gillard Government is creating the environment so small businesses not only survive, they thrive."
"We are committed to reducing red tape and working with small business people to ensure they have the best possible conditions to do business." Mr O'Connor said.
The Roundtable also discussed a report from the Financial Services Council (FSC) that there would be a shortfall in retirement savings for those working Australians who live longer than average life expectancy.
"The FSC's Longevity Savings Gap report has demonstrated that the Government's action to increase the Superannuation Guarantee to 12 per cent has significantly reduced Australia's retirement savings shortfall."
The Roundtable also had productive discussions on an ASFA paper on Transition to Retirement arrangements. "ASFA has been requested to do more research on how Transition to Retirement is utilised.'
Minister Shorten thanked Roundtable participants and said he looked forward to further constructive discussions.
For more information please visit the Clearing House website.