Superannuation Errors

The ATO have listed common errors that are causing issues for clients when using the Small Business Super Clearing House for their superannuation guarantee requirements.

The tax office said it has seen some common errors, such as incorrect details, which have increased the possibility that a super fund will reject the payment.

Employers need to ensure that they select the correct super fund Unique Superannuation Identifier (USI), commonly known as a super fund product.

They should also use alpha numeric characters only, not symbols like ‘&,’ when entering a fund name; check the super fund account number is correct; and ensure the ABN, bank account and Electronic Service Address for Self-Managed Super Fund (SMSF) are also correct.

When a super funds returns a payment to the ATO due to incorrect details, the ATo has to manually intervene and contact the employer to request they correct the information.

The employer has seven days to update the details, then the ATO will we send the information to the relevant fund with the payment.

If the employer does not respond to the ATO’s request to update the information within seven days, the ATO will refund the rejected payment back to the employer. This will mean the employer has not met their Superannuation Guarantee requirements for the period.