Basics about Super – Paying Super for Small Business – Small Business Superannuation Clearing House (SBSCH)

Basics about Super – Paying Super for Small Business - Small Business Superannuation Clearing House (SBSCH)

Basics about Super – Paying Super for Small Business – Small Business Superannuation Clearing House (SBSCH)

The Australian Tax Office (ATO) has a service called the Small Business Superannuation Clearing House, designed to help small business (with less than 19 employees) meet their super obligations as employers. Here is what the ATO site says –

The Small Business Superannuation Clearing House (SBSCH) is a free service you can use to make Super Guarantee (SG) contributions. Eligible businesses are those with 19 or fewer employees or an annual aggregated turnover of less than $10 million.

Your business can pay your SG contributions as a single electronic payment to the SBSCH. If you make super payments by EFT or BPAY using your credit card account, you may be charged a fee by your financial institution.

The SBSCH will then distribute the payments to each employee’s super fund. Your SG obligations are met as soon as your payment and instructions are accepted by the SBSCH. The SBSCH is SuperStream compliant.

Accessing the SBSCH

How you access the SBSCH depends on your business situation. The clearing house can be accessed via:

  • The Business Portal (BP) if you are a business with an ABN and BP account;
  • ATO Online Services via myGov if you are a business or sole trader with an ABN or withholding payer number (WPN) but no BP account. Please note you should log in using your business account (ABN), not your personal account (TFN);
  • The Tax Agent and BAS Agent Portals if you’re a tax professional.

Next steps:

Features of the SBSCH

The SBSCH allows you to:

  • Pay super the SuperStream way – money and data is sent electronically in a standard format;
  • Nominate a regular contribution amount for an employee;
  • Make all your super contributions in one transaction – the SBSCH distributes super contributions to your employees’ nominated super funds securely;
  • Ensure your SG obligations are met as soon as your payment and instructions are accepted by the SBSCH (please refer to the terms and conditions);
  • Access your transaction history.

Note: Any employee you have paid super for will remain on your SBSCH account for historical purposes. If you are no longer required to pay super for an employee you should go into the system and add an end date against that employee’s record. This will make them ‘inactive’ in the SBSCH.

See also –

Got questions? If you want experts who have years of helping others, without the hype – then call for a FREE strategy session today and also get your FREE Expert Guide – Self-Managed Super and Youtop right hand side above.

If you have any questions, why not give us a call – it’s FREE also! No obligation. \

0407 361 596, Paul.

Advertisements

About SuperBenefitnews

Self-Managed Superannuation Service Providers in Australia. SuperBenefit provides a wholistic SMSF assistance, education and administration service continuum - 1. “assistance” is help of whatsoever nature where our overall SMSF experience and knowledge enables us to provide assistance/help without any legal (or “license”) limitations. 2. “education” involves providing knowledge through teaching, coaching and mentoring about all matters SMSF, including (but not limited to) investment issues such as equities and property, 3. “administration” encompasses all admin aspects of legally required SMSF trustee and member record keeping including (but not limited to) audit and ATO matters. In keeping with our key point that SuperBenefit does not provide Financial Advice, where issues arise from 1, 2, and/or 3 above Indicate a need for a legally authorized provider (such as a Financial Adviser) and the client does not have their own service provider, the client can utilize SuperBenefit’s ‘Connect Assist’ … SuperBenefit, in itself, does not provide Financial Advice, but it does provide the wherewithal for great SMSF service. WE do not provide Financial Advice or any other service that requires a legally authorized provider. However, where such advice or service is required we have our ‘Connect Assist’, a SuperBenefit resource we use to connect clients to a Licensed Advisor or other legally authorised service provider. Call us 0407 361 596, no obligation FREE Connection call to see how we can help you!
This entry was posted in Basics about Super, Retirement Planning, Superannuation General and tagged , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s