1 April 2014

Superannuation made simpler for small business


This media release announces that the Australian Taxation Office will be taking over responsibility for the Small Business Superannuation Clearing House.

Another piece of red-tape has been cut for small business, with the Australian Taxation Office (ATO) taking over responsibility for the Small Business Superannuation Clearing House today.

Small businesses already contact the ATO regularly, so it makes sense that they can speak to the ATO about super payments at the same time instead of another department.

The super clearing house is a great tool for small businesses, because it cuts down the time and paperwork involved in paying contributions to employees' different super funds.

There are now 58,000 employers registered with the clearing house and we are encouraging the other 700,000 businesses that are potentially eligible to use the clearing house, to sign up.

This move is part of the Government's commitment to streamline processes and the ATO is best placed to promote and identify the small businesses that could benefit.

The clearing house is contactable 24 hours a day, seven days a week by calling 1300 660 048 or searching the new Small Business Superannuation Clearing House website.

The Department of Human Services was previously responsible for the free online clearing house service that helps businesses with 19 or fewer employees pay superannuation contributions to all staff in one transaction.

Treasury has also engaged in further work to better understand the superannuation compliance cost concerns of small business employers and to develop further options to reduce these costs.

This latest small business red-tape reduction measure comes on top of the Government’s move to save business $44 million a year by removing the 'pay-clerk' burden from the paid parental leave scheme, improved Commonwealth contracting and a dedicated hotline for the sector in the Fair Work Ombudsman.