Small Business Superannuation Clearing House
The Australian Tax Office (ATO) have announced the shifting of the Small Business Superannuation Clearing House (SBSCH) which has resulted in significant angst. This is especially when parts of the ATO stated that it would only be available on the Business Portal. This information was wrong!
Access will be available to the SBSCH for nominated clients through the portal or ATO online.
This however, will not be implemented until after 31st January, 2018.
This would indicate that this will not be available to use until the submission of super payments for the March quarter, which will be due on/or before the 28th April.
Businesses will need to establish their AUSkey or myGov login prior to then. For those that do not already have an AUSkey, it is recommended to use the myGov (otherwise named the “Manage ABN connections”). The alternative and existing AUSkey is an expiring technology.
It is recommended that the myGov credential is established for the businesses that access the ATO services directly.
During February 2018, the ATO will be communicating to all SBSCH users regarding these details. It is important to note that the username and password access will no longer be sufficient after the implementation of this change as new myGov security protocols will have been adopted.
The ATO report:
- 330,000 current registered users of the current SBSCH
- 280,000 active users
- 205,000 made a payment through the SBSCH during the 16/17 year
130,000 businesses that use the SBSCH do not have an AUSkey.
Accurate Accounts Recommendation
The most efficient manner of paying super by an employer is to have an integrated super payment gateway built into the payroll software.
Given the eventuality that Single Touch Payroll will require all employers to be lodging pay event information electronically, it is strongly recommended to suggest that businesses embrace current STP enabled software which has a SuperStream payment gateway embedded into the processes.
If you’d like assistance with your Perth Bookkeeping, get in touch with us!