Small business satisfied with Government super initiative

99 percent of small business owners making use of the Government’s Superannuation Clearing House have reported being satisfied with the service, and said they’d recommend it to other small businesses.

The free service, run by Medicare Australia, has proven a hit with small business, with 96 percent of survey respondents rating their satisfaction with Clearing House as ‘extremely satisfied’ or ‘satisfied.’

90 percent of respondents ‘strongly agreed’ or ‘agreed’ the Clearing House has reduced the amount of red tape involved in making their superannuation payments.

According to the Minister for Small Business Nick Sherry, the response to the Superannuation Clearing House has been “truly outstanding.”

“96 percent of customers have said the Clearing House reduces the time it takes to make their superannuation payments. Of these, three quarters say it’s saved them up to three hours per quarter, 15 percent say up to seven hours and nine percent say they’ve saved up to eight hours per quarter,” he said.

Superannuation Minister Bill Shorten said the Government implemented the service to lessen the red tape created for small business by the former Coalition Government, after it introduced of choice of fund into the superannuation system.

“Take-up has been extremely encouraging, with the Clearing House processing and disbursing almost $50 million to employee superannuation funds,” he said.

As of 15 June 2011, around 4,500 employers had registered with the Clearing House service. 30,000 employees had been added to the system and almost 90,000 employee payments had been made.

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