What Is The Small Business Superannuation Clearing House?
The Small Business Superannuation Clearing House is a free service available to businesses with fewer than 19 employees, or with an annual aggregated turnover of under $10 million.
With the Small Business Superannuation Clearing House, eligible businesses are able to make their super guarantee contributions with a single electronic payment.
The Small Business Superannuation Clearing House then takes that single payment and distributes payments to each employee’s super fund individually.
Using the SBSCH streamlines the process. After the employee details have been entered, they are stored securely for future payments. The superannuation is then paid via SuperStream. Once the clearing house accepts the payment, super guarantee obligations will be achieved.
It’s a service that removes complexity and reduces super compliance costs for small businesses. And prior to February 2018, managing your Small Business Superannuation Clearing House service required its own user ID and password authentication to access.
ATO And The Small Business Superannuation Clearing House
ATO online services have always provided Australians with convenient access to a range of tax and super services.
And from 26 February 2018, the Small Business Superannuation Clearing House will be one of those services.
As a part of ATO online services, the Small Business Superannuation Clearing House is now accessible via the same login you use to connect with any of the ATO’s other services, such as lodging a tax return or activity statement.
By integrating with ATO online services, the Small Business Superannuation Clearing House now features improved functionality, like the ability to make payments by credit card or sort employee listings.
The change makes managing super guarantee payments easier than ever before.
Accessing The New ATO Small Business Superannuation Clearing House
The new and improved Small Business Superannuation Clearing House is accessed via the ATO’s Business Portal.
The Business Portal is a great way to deal with the ATO online. And you can register to use it today. Once registered, you’ll be able to lodge activity statements, manage accounts and update your business registration details.
An authentication solution is used to identify you and your business and access online ATO services – including the integrated Small Business Superannuation Clearing House.
Manage ABN Connections
Manage ABN Connections via your myGov login is a secure login that can be used from any smart device. It grants access to government online business services. And a single username and password can be used for both business and personal services.
If you do not already have a myGov account, you will need to create one and link it to ATO before you are able to setup a Manage ABN Connection.
Once you have set up a myGov login, you can manage services including DASP (departing Australian Superannuation Payment) the ABR (Australian Business Register) AUSkey manager, Access manager, and the business portal.
AUSkey is another type of secure login used to identify you when using government online services on behalf of a business.
It’s a free tool that simplifies access and interaction with a variety of online services that range from changing your Australian Business Number (ABN) details to lodging your Business Activity Statement (BAS).
If you are a sole trader or individual employer, you will access the ATO Super Clearing House through your ATO online services linked myGov account.
If you are currently using alternative clearing house facilities like REST or HOSTplus, there will be no changes.
Contacting Kennedy Barnden
The Central Coast accounting experts at Kennedy Barnden are here to answer your questions and provide proven business advice. We offer a full range of accounting services. Get in touch today and let us help secure a better financial future for you.