On 15 March our Small Business Super Clearing House (SBSCH)External Link will roll out self-managed super funds (SMSF) bank account validation.
This checks that your employee’s SMSF bank account details match their SMSF records. If there is a mismatch, or the employee has not listed their bank account details, you’ll receive an invalid super fund bank details error on the SBSCH payment instruction. This means that the SBSCH cannot accept payments to your employee's SMSF.
If you receive this error, you need to:
- Check with your employee that your employee's fund bank account they have provided exactly matches what’s listed on the SMSF record against the Superannuation account. If incorrect, or there are no details listed, a trustee or tax professional may need to update information in Online Services.
- Update your employee's SMSF bank details in SBSCH Employees, if your employee has provided updated SMSF bank account details.
- You can still submit a SBSCH payment instruction for employees who have valid super fund details. Remove all payment amounts you've entered for employees with an invalid super fund bank details error. Make sure your payment matches the new ‘Total to Pay’ amount.
- Once the employee's fund bank account matches what's listed on the SMSF record you can submit a SBSCH payment instruction for that employee.
Need help?
Visit Small Business Super Clearing House (SBSCH) for more information.