Small Business Superannuation Clearing House(SBSCH) Update

6 years ago
judge
Accounting

ATO’s Business Portal New System: (SBSCH)

On 26 February, the Small Business Superannuation Clearing House (SBSCH) service will be available through ATO’s online services Business Portal.

To manage the transition, the SBSCH will be unavailable from Tuesday, 20 February 2018 to Sunday, 25 February 2018 inclusive. During this time ATO will be transferring your data across to the new system. This means the last super contributions you can make using the old system will be close of business Monday 19 February 2018.

To access the new system you must obtain an authentication credential, either an AUSkey or Manage ABN Connections via myGov. Then, login to the Business Portal. More than 100,000 users of the SBSCH have obtained an authentication credential. They’ll be ready to use the clearing house when it joins the portal.

If your tax professional uses the SBSCH, they will continue to manage your super obligations through their online channel.

Sole trader or individual clients will be able to access the super clearing house service. They can go through their myGov account linked to ATO online services.

Super funds may also be impacted

As from 22 January 2018 funds have not been able to access the SBSCH and there will be no messages from the legacy system after 23 February 2018. The ATO recommends APRA-regulated funds access statements using SuperStream and SMSFs use an Electronic Services Address to reconcile their payments.

The ATO says its online services gives access to a range of tax and super services with one logon, including lodging activity statements and updating your business registration details which is very useful and convenient for business owners. It’s like a one stop shop where you can manage all your reporting requirements.

The ATO is holding webinars in early February on the new SBSCH or if you require assistance or further information about using the ATO Small Business Superannuation Clearing House, please contact us at 02 4732 3844 or visit https://judgeaccountants.com.au for an Australia-wide service.