A clearing house is the mandatory way that businesses electronically pay their employee’s superannuation to their nominated Funds . There are several types of clearing houses, however the most common methods are through your Payroll software (i.e. MYOB or Xero), or the ATO’s Small Business Super Clearing House (SBSCH).
If you currently use the ATO SBSCH to make super contributions, change is approaching. In early 2018, the ATO are integrating the SBSCH with the business portal. So what does that mean for you? The main options are:
As there are further changes in the near future regarding reporting of payroll records to the ATO, we highly recommend the third option above as it will mean you are ready for the upcoming “Single Touch Payroll” – read our article on this matter here.
Here at HQB Chartered Accountants we are always looking for ways to help simplify our client’s responsibilities and requirements and would be happy to assist with this new process as part of our service to you. Please contact our office if you require any help to make this transition as smooth as possible.
– Posted 5.12.17
This article is compiled as a helpful guide for your private information and is subject to copyright. We suggest that you do not act solely on the basis of material contained in this article because items are of general nature only and may be liable to misinterpretation in particular circumstances. We recommend that our advice be sought before acting on any of these crucial areas.