ATO makes changes to the Small Business Superannuation Clearing House

Administering and ReportingSMSF InsightsUnderstanding SMSFs

ATO makes changes to the Small Business Superannuation Clearing House

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.

Sorry, this content is reserved for members of our SMSF Connect community.

Please register for a free community account to view this content or login below.

Login

If you are an existing member of SMSF Connect, please login below.

If you wish to learn more about joining the community, please click here.

Join the free community

Complete the form below to set up your free account and be regularly updated on SMSF and investing news and information.

  • Strength indicator