The Federal Government is claiming success from its establishment of the Small Business Superannuation Clearing House.
It claims that, after a slow start, the clearing house has distributed more than $1 billion in superannuation payments on behalf of small business owners.
Not surprisingly, most users of the clearing house service are located in NSW and Victoria, with only 460 firms using the facility in the Northern Territory.
The Treasurer, Chris Bowen, last week claimed the growth in the use of the clearing house was a success story for the Government and small business owners.
He said the Small Business Superannuation Clearing House had helped more than 42,000 small business owners better manage their employees' superannuation contributions over the past three years.
Amid a challenging market environment, three super fund CIOs have warned against ‘jumping at shadows’.
The professional body is calling for the annual performance test to transition to a two-metric test, so it better aligns with the overarching duty of super fund trustees to act in the best financial interests of their members.
AustralianSuper, Rest, and HESTA agree on the need to retain and enhance the test, yet they differ in their perspectives on the specific areas that warrant further refinement.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
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