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

Name: Munro's, The Professional Problem Solvers
Address: 308 Fitzgerald Street, Perth, WA, 6000
Telephone: 1800 818 924
Rating: 5

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

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.