How to save time paying employee super!
Category : Practice Updates
From 1 July 2015 all employers must comply with SuperStream rules.
To help with this the Small Business Superannuation Clearing House (SBSCH) was released (for employers with 19 or fewer employees).
This program allows for all of your employee superannuation to be logged in the one online form. One payment can then be made directly to the SBSCH for processing and disbursement to the relevant superannuation funds.
What you need to do…
1. Register for the SBSCH.
2. Once you have registered you will receive an email to set up a password. This email will also contain your ID number for logging in to the program.
3. Login to the SBSCH using your new ID and password.
4. Complete your employer bank account details.
5. Add each employee and their superannuation fund details.
Once all employees and their superannuation fund details are added you can record payments. The payments required will be submitted and you can print payment options to make the payment in one lump sum.
This system saves you from logging in to each superannuation fund. You can now pay one amount and the SBSCH will disburse for you!
If you would like assistance with setup we can do this at a cost of $275.
What we will need from you:
1. Employee Details (full name, TFN, date of birth, address, employment commencement date).
2. Employee Super Fund Details (fund name, fund ABN, member number)
Please contact our office if you would like some help!