The Australian Tax Office (ATO) is reminding employers using Small Business Superannuation Clearing House (SBSCH) to check their employee details are accurate when making payment.
Submitting incorrect employee details can risk their super fund rejecting your payment and returning the amount to the ATO.
Once the ATO receives your payment, they will contact you and require you to update the information within seven days.
Providing the details are updated, the ATO will resend your payment to the employee’s super fund. If you fail to update these details, the ATO will return the amount to you instead.
Ensure your payment is successful by checking the following details are correct:
• Unique Superannuation Identifier (USI) (a super fund product for APRA-regulated funds)
• Super fund member account number
• ABN, bank account and electronic service address for self-managed super funds (SMSFs)
• It includes no symbols, such as ‘&’ in the fund name
SBSCH is a free service you can use to make your Super Guarantee (SG) contributions in one electronic payment providing your business has an annual aggregated turnover of less than $10 million or has no more than 19 employees.
Once you make your payment to SBSCH, the payment will be distributed to each super fund accordingly.
The Small Business Superannuation Clearing House (SBSCH) is a free service you can use if your business has 19 or fewer employees, or has an annual aggregated turnover of less than $10 million. How you access the SBSCH depends on your business but the clearing house can be accessed via ATO Online Services in myGov, or the Business, Tax Agent and BAS agent portals.
If you have any questions about using Small Business Superannuation Clearing House , make an appointment to see the Walshs team – you can now book online here – or call Walshs on 07-3221 5677.
As this advice is general in nature please do not hesitate to contact one of our adviser accountants or financial planning advisers if you have a query that is specific to your circumstances.