Eligibility for the free Small Business Superannuation Clearing House (SBSCH) has been extended to include businesses with an annual aggregated turnover of $10 million of less. Previously eligibility was limited to businesses with 19 or fewer employees.
This means some small to medium businesses with more than 19 employees could now be eligible for this service which simplifies superannuation payments particularly if you are currently transacting with multiple superannuation funds.
For your business SBSCH means:
- One portal to log in to report superannuation payments to multiple funds
- One bank transaction to pay all of your employees’ superannuation entitlement
- One transaction to record in your payroll and bookkeeping software
- If currently utilising the services of commercial clearing house
Employers affected by this change should also be aware of Single Touch Payroll (STP) changes being implemented for businesses with 20 or more employees from 1 July 2018, more information is available here.