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Business Financials – Paying Superannuation for Employees
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Published on Sunday, 07 October 2018 20:49
For small businesses paying superannuation for employees, the Australian Tax Office (ATO) has a service called the Small Business Superannuation Clearing House, which is to help your small business (with less than 19 employees) meet its super obligations as employers.
Here is more from the ATO site –
The Small Business Superannuation Clearing House is a FREE, optional service for employers with 19 or fewer employees, as well as those businesses with an annual aggregated turnover of less than $10 million.
Your business can make your Super Guarantee (SG) contributions as a single electronic payment to the SBSCH. If you make super payments by EFT or BPAY to the SBSCH using your credit card account, you may be charged a fee by your financial institution.
The SBSCH will then distribute the payments to each employee's super fund. Your SG obligations are met as soon as your payment and instructions are accepted by the SBSCH. The SBSCH is SuperStream compliant.
On the page:
Accessing the SBSCH
How you access the SBSCH depends on your business situation. The clearing house can be accessed via ATO Online Services in myGov, or the Business, Tax Agent and BAS agent portals.
1. Use the SBSCH decision tool to work out which online service and authentication credential fits your business situation.
2. Then from our home page banner choose who you want to log in as, and select the yellow 'Login' button.
See also:
Features of the SBSCH
The SBSCH allows you to:
- pay super the SuperStream way – money and data is sent electronically in a standard format
- nominate a regular contribution amount for an employee
- make all your super contributions in one transaction – the SBSCH distributes super contributions to your employees’ nominated super funds securely
- ensure your SG obligations are met as soon as your payment and instructions are accepted by the SBSCH (provided the fund does not reject them)
- access your transaction history.
Get more at the ATO page.
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