The ATO has again advised that the SHA special account (previously known as the superannuation holding accounts reserve) will be closed to employer superannuation contributions after 30 June 2006. Letters have been sent as part of bulk mailouts to employers who have deposited to the SHA special account since 1 July 2004. The letter warns employers of the impending closure of the SHA special account and encourages them to make alternative arrangements to satisfy their superannuation guarantee and choice obligations.
Further letters will be sent on a daily basis to employers who deposit from March to June 2006.
From mid-May 2006, the ATO will be commencing an outbound call campaign for all employers who have recently deposited into the SHA special account. This call campaign will continue up until 30 June 2006. It is estimated that around 1,500 employers may be contacted over this period.
For a copy of the ATO advice, go here