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| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
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and the globally aware investor. Sponsored by HSBC
Bank International. |
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News: Daily news and background data on tax and legal developments
for international business. |
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A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
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The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
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| Offshore Trusts
Guide: OTG publishes news, features and newsletters on the use of
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| TreatyPro: Online
tax treaty resource. |
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| Australian Small Business Superannuation Clearing House Bill Introduced |
by Mary Swire, Tax-News.com, Hong Kong
Monday, February 15, 2010
As part of the Tax Laws Amendment (2010 Measures No.1) bill, the Australian
government has introduced legislation into parliament which provides the framework
for its free superannuation contributions clearing house service for small businesses.
"This is an important measure which will deliver real benefits to small
business," the Minister of Superannuation, Chris Bowen, said. The amendments
in the bill allow for participating small businesses to meet their obligations
by promptly remitting their employees’ superannuation contributions by
one electronic payment to the approved clearing house, which will then distribute
the transactions on their behalf to the chosen funds.
The amendments also extend the conditions under which superannuation contributions
are made in compliance with the choice of fund rules to cover contributions
made through the approved clearing house, and allow for the disclosure of taxpayer
information to the approved clearing house for the purpose of performing its
functions.
In November 2009, the government announced that its superannuation clearing
house service for small business will be delivered through Medicare Australia.
Following the passage of the bill, a regulation will be made specifying Medicare
Australia as the approved clearing house for the purposes of the legislation.
The clearing house service will be available to eligible small businesses (those
with fewer than 20 employees) from July 2010. Businesses will be able to register
with Medicare Australia from May 2010.
Medicare Australia has convened two working groups to consult on the implementation
of the measure. The working groups, which include representatives from the superannuation
industry and the small business sector, held their first meetings in January
2010.
A comprehensive report in our Intelligence Report series
titled "The Lowtax International Pensions Report" which has an
in depth view on The Mechanics of Pensions Provision, 'High-Tax' Country Pension
Regimes and 'Lowtax' Jurisdictions In Which To Locate Pensions Savings, is available
in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report14.asp
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