Small Business Superannuation Clearing House And Self-Managed Superannuation Fund Bank Account Validation
If you are a either a member of a SMSF or have employees who are members of a SMSF and use the ATO Small Business Superannuation Clearing House (SBSCH) the ATO is rolling out a new security feature to assist with fraud prevention and misconduct. The new feature consists of checking for a match between an employee’s SMSF bank account details and the SMSF record when electronic payments are made via the SBSCH. Where there’s a mismatch, the SBSCH cannot accept payments to an employee’s SMSF until the error is resolved. Employees need to ensure that the bank account listed with the ATO is the one receiving contributions from their employer. This may be an issue where a SMSF has multiple bank accounts within the Fund.
If you are unsure of which bank account to process payments for an employee, please confirm with them prior to processing of the March 2024 quarterly superannuation payment. If you are an employee and are unsure of your SMSF bank account listed with the ATO please contact our office and we will be able to confirm the account to provide to your employer.
