17 Aug Are you signed up to the new small business super clearing house?
The small business superannuation clearing house (SBSCH) is a convenient service that allows small businesses to make superannuation contributions for employees in one single payment. Importantly, access to the service has recently changed. 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 has been migrated to the ATO’s Business Portal. This means your old login details will become unusable and you need to arrange access to the new system if you haven’t 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 business type.
Small businesses with an ABN can now access the service through the Business Portal, and then selecting the “Manage Employees” menu. If you need to arrange access to the portal, you will need to set up an approved authentication credential. You can choose from 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 accountant or tax professional can also manage your contributions through the SBSCH on your behalf.
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.
It also allows you to nominate staff who are authorised to use the service on behalf of your business.