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Superannuation Clearing House - Exposure Draft of Legislation and Associated Explanatory Material

Date:

Thursday, 26 November 2009

Content ID:

1675

Abstract:

On 26 November 2009 the Minister for Financial Services, Superannuation and Corporate Law released for public exposure draft legislation (and associated explanatory material) to support the Government's Superannuation Clearing House measure.

In the 2008-09 Budget the Government announced the measure to provide a free superannuation clearing house service for small businesses. The measure is designed to reduce the cost to small businesses of complying with their superannuation obligations. On 6 November 2009, the Government announced that the free superannuation clearing house service for small businesses will be delivered through Medicare Australia.

The draft legislation amends the Superannuation Guarantee (Administration) Act 1992, the Retirement Savings Accounts Act 1997 and the Superannuation Industry (Supervision) Act 1993 to:

  • allow employers to meet their obligation to make compulsory superannuation contributions for the benefit of their employees by paying to an approved clearing house;
  • extend the conditions under which superannuation contributions by an employer for the benefit of an employee are made in compliance with the choice of fund requirements to cover circumstances where contributions are made through an approved clearing house; and
  • allow an employer to satisfy its obligation in relation to the prompt remittance of superannuation amounts deducted from an employee’s salary or wages by making payments to an approved clearing house.

Making a submission

Interested parties are invited to comment on the exposure draft material. While submissions may be lodged electronically, by post or by facsimile, electronic lodgment is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment. A request made under the Freedom of Information Act 1982 (Commonwealth) for a submission marked 'confidential' to be made available will be determined in accordance with that Act.

Closing date for submissions: Wednesday, 23 December 2009

Address written submissions to:
General Manager
Personal and Retirement Income Division
The Treasury
Langton Crescent
PARKES ACT 2600

Email: chsuper@treasury.gov.au

For enquiries, please call Michael Dalton (02) 6263 3713.

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Exposure Draft  22.30kb
Explanatory Memorandum  32.06kb
Consultation Summary  35.05kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Exposure Draft  91.88kb
Explanatory Memorandum  190.49kb
Consultation Summary  854.04kb

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