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Re: SG contribution payment via bank transfer

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I am a small business employer and some of my employees open the superannuation accounts with bank (like ANZ and commonwealth), those super account provided by above banks are similar to normal bank accounts with BSB and account number. I have made SG contribution payment directly to these super accounts via bank transfer.

May I know whether this is eligible super contribution? Whether ATO allows this method of SG contribution? Because on the ATO website I can only find clearing house or business portal these two ways for super payment.

 

Thank you

 

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You can only make super contributions to a complying super fund or retirement savings account (RSA).

  • A complying super fund is one that meets specific requirements and obligations under super law.
  • An RSA is a type of account offered by institutions such as banks and building societies for retirement savings.

If you are not making those payments in the form of super contributions to a complying fund or RSA then you can not claim them.  For more information go here - where to make super contributions.

 

Also, there are a number of ways you can make super payments and you are not restricted to using the business portal or a clearing house, have a read of this - https://www.ato.gov.au/super/superstream/employers/employer-superstream-faqs/

 

For further assistance phone the ATO hotline on 13 10 20

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Highlighted

Best answer

ATO Certified

MVF
Devotee

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You can only make super contributions to a complying super fund or retirement savings account (RSA).

  • A complying super fund is one that meets specific requirements and obligations under super law.
  • An RSA is a type of account offered by institutions such as banks and building societies for retirement savings.

If you are not making those payments in the form of super contributions to a complying fund or RSA then you can not claim them.  For more information go here - where to make super contributions.

 

Also, there are a number of ways you can make super payments and you are not restricted to using the business portal or a clearing house, have a read of this - https://www.ato.gov.au/super/superstream/employers/employer-superstream-faqs/

 

For further assistance phone the ATO hotline on 13 10 20

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