Hi Julie_A_C , yes this is the current plan. But it's also not law yet - which seems to be partly why there is no detail around it yet.
Will we still have to pay into a clearing house? Or will we EFT directly to the member's funds?
The ATO likes to pay close attention to this type of thing and I understand the intent is to clear up non-conformance with Super payments and make sure employees get the super that is owed to them, on time. As such, it's likely some kind of clearing house may still be needed, to reduce the government Super payment reporting requirements.
ATO have said that SBSCH will be shut down, but they also won't be able to leave thousands of Australian SME's without a method of paying Super.
The answers will come in time, but until then, SBSCH is the only workaround we currently have for MYOB's lack of support for Super payments to SMSF employees when using offline files.
Yes the ATO back pedal on a lot of things. The problem with both doing it on the SBSCH as well as using any of the super clearing houses is then need to enter everything twice. Once on MYOB and then on the Super clearing house.
