The Minister for Superannuation, Chris Bowen MP, and Minister for Small Business, Craig Emerson MP, have welcomed the passage of the Rudd Government's Small Business Superannuation Clearing House measure through the Parliament.
The Medicare Australia super clearing house will provide a free and reliable service for eligible small businesses (those with under 20 employees) to discharge their superannuation obligations.
"Today is a win for small businesses," Minister Bowen said.
"Despite the Coalition's attempted obstruction, the Government is delivering on its election commitment to establish the clearing house and reduce the red tape burden for small business," Minister Emerson said.
"The clearing house is another instalment in the Rudd Government's overall plan to support small business.
"I want to thank the Greens and Senators Xenophon and Fielding for their support of this important measure for small business," Minister Bowen said.
Key features of the superannuation clearing house for participating small businesses include:
- Superannuation contributions made to numerous funds will be electronically paid to a single location (the clearing house) which will process the transactions;
- Small businesses that choose to use the clearing house service will have their legal obligation to make superannuation contributions discharged when payment of the correct amount is made to the clearing house;
- The clearing house facility will be offered free of charge to small businesses with less than 20 employees; and
- The clearing house will manage employers' choice of fund obligations.
As previously announced, the service will be available to eligible small businesses from 1 July 2010. An announcement will be made shortly about the commencement date for registration for the service.
Further information on the small business clearing house service is available at www.medicareaustralia.gov.au/super.
CANBERRA
13 May 2010