The Minister for Superannuation has announced that the Small Business Superannuation Clearing House recently passed $500m in superannuation payments. The Clearing House is designed to cut red tape and costs for small businesses by allowing them to pay all their employees’ superannuation contributions in one online transaction. More than 33,000 small businesses have registered with the service, including over 10,500 in NSW, just over 7,000 in Victoria, and more than 6,500 in Qld.
Mr Shorten said that, on average, it takes a small business 3 minutes to register for the Clearing House and an additional 3 to 5 minutes to register each employee.
Source: Minister for Superannuation press release No 067, 12 October 2012.
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