Presently, employers with 19 or fewer employees or an annual turnover of less than $10 million can use the free Small Business Superannuation Clearing House (SBSCH) to pay their employees’ superannuation guarantee contributions. Employers can make one single payment to the SBSCH. The SBSCH will then distribute this payment to the relevant superannuation funds.
From early 2018, access to the SBSCH will be transferred to the ATO’s Business Portal. From this point, the SBSCH will no longer be accessible through its current website using your user ID and password.
If you do not have access to the Business Portal (and do not wish to setup access), we can still access the SBSCH on your behalf through our Tax Agent Portal.
It is important that you are aware of your options once the current method of accessing the SBSCH ceases in 2018.
The ATO are running a free webinar on Wednesday 29 November to give you more information about how to access the Business Portal and what services are available through the Business Portal. Click here to register for the webinar.
If you would like to discuss how these changes will impact on your business, please call us on (07) 56656469.
DISCLAIMER: The information in this article is general in nature and is not a substitute for professional advice. Accordingly, neither TJN Accountants nor any member or employee of TJN Accountants accepts any responsibility for any loss, however caused, as a result of reliance on this general information. We recommend that our formal advice be sought before acting in any of the areas. The article is issued as a helpful guide to clients and for their private information. Therefore it should be regarded as confidential and not be made available to any person without our consent,
Jeanette has over 20 years experience as an accountant in public practice. She is a Chartered Accountant, registered tax agent and accredited SMSF Association advisor. When she is not helping business owners grow their empires, you will likely find her out running on the trails or lifting weights in her local CrossFit gym. Book in to see Jeanette today.