The service was first announced in 2009 by Mr Bowen in his role as Minister for Financial Services, Superannuation and Corporate Law, and came in for heavy criticism from the Coalition in 2011, with claims the service was being rejected by 99 per cent of Australian businesses and costing $177 per transaction processed.
Mr Bowen this week said the service, which was formally launched in 2010 with transaction processing help from Medicare, has been used by more than 42,000 small business owners.
“Around 98 per cent of the small business owners we've spoken to have told government they would absolutely recommend the clearing house to other small business owners,” Mr Bowen stated.
The government encouraged all small business owners (those with 19 or fewer employees) to consider using the program to save themselves time and paperwork, he added.
The clearing house is a free, online service that helps small business owners make employee superannuation payments to a range of superannuation funds.
