14 Jun 2019 SBSCH remains a broken process
MEMBER 154 writes:
A client referred us to her recent bulk email from the ATO regarding end-of-year processing by the SBSCH, and also the typically bad timing of SBSCH scheduled maintenance in the penultimate week of June.
This follows the same broken process as previous years. (Irritating like a badly scratched LP record.)
Important fact: Businesses are unable to determine the actual timing of receipt by the various funds of their contributions.
So most of our clients will continue to claim their tax deductions based upon the timing of their payments to the SBSCH or any other, regardless of when each clearing house gets around to sending the money to various funds.
Perhaps the ATO should reconsider its interpretation of section 290-60, and the meaning of "when a contribution is made" per TR 2010/1.
Despite their propaganda, does the ATO actually disallow tax deduction/s in similar circumstances where the employer has made their payment to SBSCH before 30 June?