Ensure correct SBSCH information
When employers use the Small Business Superannuation Clearing House (SBSCH), it is important to enter the correct information.
Providing the correct information reduces the possibility that a super fund will reject the payment.
When super funds return payments to the ATO due to incorrect details they must manually intervene and contact the employer to request they correct the information. If the employer updates the information within seven days, the ATO sends the details to the relevant fund with the payment.
If the employer does not respond to the ATO's request to update the information within seven days, they will refund the rejected payment back to them.
The following tips will help employers avoid some common errors when using the SBSCH:
- select the correct super fund Unique Superannuation Identifier (USI), commonly known as a super fund product
- use alphanumeric characters only, not symbols like ‘&,’ when entering a fund name
- check the super fund account number is correct
- ensure the ABN, bank account and Electronic Service Address for Self-Managed Super Fund (SMSF) are correct.
Flor-Hanly does all the things most accounting firms do such as taxation and superannuation. What makes us different however is that we have a bigger focus, so call us for SBSCH help in Mackay on 07 4963 4800.