The small business superannuation clearing house (SBSCH) is a convenient service that allows a small business to make superannuation contributions for its employees in one single payment. It's important to know that access to the service has recently changed significantly. In this article we explain the steps you need to take to ensure your business can continue using the service.
Although the SBSCH itself hasn't changed, the service was migrated to the ATO's Business Portal on 26 February 2018. This means your old login details will no longer work and you need to arrange access to the new system as soon as possible (if you haven't done so already).
Despite this minor inconvenience, the change benefits small businesses because they can now access a number of the ATO's tax and superannuation services using one set of login details.
The way you access the SBSCH depends on your business type.
- Small businesses with an ABN can now access the service through the Business Portal. If you're already using this portal, you can access the SBSCH from the "Manage Employees" menu. If you need to arrange access to the portal, you will first need to set up an approved authentication credential. You can choose from either AUSkey (which can only be used on the particular device it is installed on) or Manage ABN Connections (which allows access from any browser or mobile device).
- Sole traders, individuals who employ others (such as carers or nannies) or businesses without an ABN can access the service through their myGov account (linked to ATO services).
Your tax professional can also manage your contributions through the SBSCH on your behalf.
Never used the SBSCH?
The SBSCH is a free service that makes it easier for small businesses to comply with their superannuation obligations. The service is available to any business with 19 or fewer employees or an annual aggregated turnover of less than $10 million.
After joining and updating the system with your employees' details, you only need to make a single electronic payment to the service and it will distribute the separate contributions to each employee's fund. Your contributions are "paid" on the date the SBSCH accepts them.
The SBSCH also allows you to nominate staff who are authorised to use the service on behalf of your business.
Need some assistance?
Has your business done everything it can to make superannuation compliance as easy as possible? If you need to set up access to the new SBSCH, or if you've never used the service and would like to sign up, contact our office for assistance.
Call us at Robert Goodman Accountants on 07 3289 1700 or email us at email@example.com. Source: Thomson Reuters. Brought to you by Robert Goodman Accountants.