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 alpha numeric 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.
Running your own business is time-consuming and who wants to spend their evenings entering in sales date and invoice, matching invoices to payments and generally doing the financial admin for your business.
Speak to Omnis Group in Subiaco; we can offer you affordable reliable bookkeeping services that not only ensure your financial data is up-to-date but also that it’s correctly coded saving you money on your end of year financial returns. Speak to us today for a free no obligation quote on 08 9380 3555.