The Small Business Minister on Wed 26.11.2014, announced that from 1 July 2015, access to the Small Business Superannuation Clearing House (SBSCH) will be extended to all businesses with an annual turnover below the $2m small business entity turnover threshold. Mr Billson said the proposal will “provide approximately 27,500 additional small businesses with a cost free solution to help them meet their superannuation obligations.”
In addition, Mr Billson announced that the Government will “further reduce superannuation red tape by removing the obligation on business to offer employees choice of fund when it does not make sense to do so.” He said from 1 July 2015, employers will no longer be required to offer choice of fund forms to temporary resident employees or to employees whose superannuation fund has merged.
[LTN 229, 26/11/14]