Key dates for The Small Business Superannuation Clearing House at end of year

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Posted December 14, 2020

Something many small business owners are not on top of at this time of year is closure dates for essential services, like your accounting system, your salon supply company or cut-off dates for your super clearing house.

All employers must use a Super Clearing House when paying superannuation to their staff. This allows employers to make a single superannuation payment into a general fund, which then distributes the correct amount for each employee to their nominated fund. This offers salon owners a simpler and more time-effective way to make the correct payments into the correct funds each and every time while reducing your compliance costs.

Processing cut off dates for the Small Business Superannuation Clearing House, which is offered through the ATO, are coming up as we approach the end of the year. Salon owners must make all superannuation payments ahead of these dates to ensure that they remain compliant.

 

KEY DATES:

• 14 December 2020 – all Super guarantee (SG) payments made after this date will be processed from 4 January 2021
• 28 January 2021 – SG quarterly payments are due.

You will continue to be able to access ATO online systems during this time.

 

The Small Business Superannuation Clearing House (SBSCH) is a free service you can use to make super guarantee (SG) contributions. Eligible businesses are those with 19 or fewer employees or an annual aggregated turnover of less than $10 million.

 

By withholding, not paying or paying superannuation incorrectly, small business owners open themselves up to the risk of huge fines, which can be disastrous for your business. It is important that you keep records of all your superannuation transactions (preferably electronically, and backed up on the cloud) to ensure that you can prove your obligations have been met in the instance any questions are raised.

 

Don’t get caught out, and manage your superannuation effectively and efficiently with HABA Payroll.  HABA Payroll handles all of the necessary back-end work for salon owners, ensuring that all employees are paid correctly, given the right super and everything is in line with the latest wage awards and legislation. It acts as a protective layer and insurance policy for your business, allowing you to get on with the work of running your business.