ATO issues SBSCH reminder
The ATO is reminding employers using Small Business Superannuation Clearing House (SBSCH) to check their employee details are accurate when making payment.
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.