Small Business Superannuation Clearing House and SMSF bank account validation (April 2024 Tax Update)

Relevant For:

Small business HR managers with employees using Self Managed Superannuation Funds (SMSFs).

Key Points:
  • ATO introduces security checks for SMSF payments via the Small Business Superannuation Clearing House (SBSCH) to prevent fraud.
  • From 15 March 2024, mismatches between SMSF bank account details and SMSF records must be resolved before payment acceptance.
  • Employers receive error notifications for invalid SMSF bank details, though valid contributions can proceed without delay.

Full Article:

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