The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, has released draft legislative amendments to provide a free superannuation clearing house service to small businesses. The measure is designed to reduce the cost to small businesses of complying with their superannuation obligations.
The free superannuation clearing house service for small business will be delivered through Medicare Australia. The service will be available to eligible small businesses (those with less than 20 employees) from July 2010.
The draft legislation will amend the Superannuation Guarantee (Administration) Act 1992, the Retirement Savings Accounts Act 1997 and the Superannuation Industry (Supervision) Act 1993.
Comments on the draft legislation are open until 23 December 2009.