Written by Mary Simmons, Head of Technical, SMSF Association
In mid March 2024, the Australian Taxation Office (ATO) launched a crucial update to the Small Business Superannuation Clearing House (SBSCH). This update introduces a new feature: SMSF bank account validation. This change aims to increase the accuracy and safety of super contributions for everyone involved.
If you’re an employee with a SMSF and your employer is a small business using the SBSCH, here’s what you need to know:
What’s Changing?
From now on, your employer will need to make sure the bank account details they have for your SMSF match exactly what the ATO has on file. This means the BSB and account number they use to send your super contributions, including any superannuation guarantee (SG) amounts, must be the same as the one registered for your SMSF, with the ATO.
If there’s any mismatch, your super payment won’t go through.
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