Small business super clearing house- a good move
The Institute of Public Accountants (IPA) has commended the Government for making good its promise to transfer the Small Business Superannuation Clearing House from Medicare to the ATO effective April 2014. The announcement to do so formed part of the Government's Mid-Year Economic and Fiscal Outlook (MYEFO).
"The transfer of this compliance obligation to the ATO is a smart move and will benefit thousands of small businesses across Australia," said IPA chief executive officer, Andrew Conway.
"Any initiative to reduce red tape surrounding superannuation and empowering small business to more easily meet their superannuation obligations is welcomed.
"We also welcome the Governments intention to undertake extensive consultation to better understand the superannuation compliance burden on small business employers and identify further options to reduce compliance.
"The IPA will also advocate as part of this consultation for the broadening of the scope to extend beyond those small businesses with 19 or fewer employees to provide even more benefit across the sector," said Mr Conway.