The ATO have changed / clarified their explanation on when a payment complies with your SG requirements in the SBSCH.
If your payment is "accepted" by the SBSCH by the 28th then you have met your SG obligations.
- payment has been received by them and not dishonoured
- you have provided correct and complete payment instructions that match the amount
If you dont match a payment instruction to a payment within 7 days the money will be returned to you and you have NOT met your SG obligations
If you dont give correct instructions then you have not met your SG obligations.
If all is good on the 28th and you "make payment" then you have met your obligations.
ICB seeks clarification
We are advised verbally that if you "make payment" means that you have used one of the allowed payment methods BPAY, credit card, or direct credit, then any delay (for instance from bPay to the ATO) doesnt matter as you have made payment.
We want this confirmed in writing
Please note that in order for the contribution to be a tax deduction even via the SBSCH, the funds must have been received by the Superfund into the members account.
ICB contiinue to advocate for a change in this policy. A subject of somewhat contradictory statements over the liffe of the SBSCH