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Coalition consents to COSBOA super demands
The Council of Small Business of Australia (COSBOA) has welcomed the Coalition's amendments to compulsory super payments for small business contained in its policy to boost productivity and reduce regulation.
Earlier this week the Coalition released its proposals to "cut red tape", which included allowing small business to pay its employees' compulsory superannuation payments directly to the Australian Taxation Office (ATO).
COSBOA has been lobbying the Government for years to allow it to link superannuation guarantee payments to its pay as you go (PAYG) obligations which are lodged with the ATO.
Consultation with the current Government has not been successful so far, although the previous Minister for Superannuation, Bill Shorten, consented to encourage super funds to better promote the Government's small business clearing house at the end of last year.
However, the measures fell short for COSBOA, and executive director Peter Strong said it would continue to lobby the Government to reduce red tape, including its plans for superannuation payments.
Strong said if Opposition leader Tony Abbott got his way, it would change the culture of the public service with regard to small business.
"The announcement by Senator Sinodinos that we will no longer be involved in the complicated superannuation payment system will also be an immediate positive hit to productivity," he said.
"A small business person will never see the word ‘superannuation' again unless it is their own or they volunteer to become involved."
Strong said the super funds and the small business community would save billions of dollars a year if the reforms went ahead.
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