ATO issues SBSCH reminder

Sharee WebsterSMSF

The 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 re-send 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

Should you have any queries, please contact our office to discuss your options.

Disclaimer: This article contains general information only. Regrettably, no responsibility can be accepted for errors, omissions or possible misleading statements or for any action taken as a result of any material in this guide. It is not designed to be a substitute for professional advice, as such a brief guide cannot hope to cover all circumstances and conditions applying to the law as it relates to these items.