Payday Super brings with it a host of changes, including increases in frequency of superannuation payment to the closure of the Small Business Superannuation Clearing House (SBSCH). The pressure is on as the 1 July deadline approaches, and businesses that haven’t taken steps to prepare for the change are going to find themselves facing quite a crunch.
Sybiz reminds you to be aware of scams, especially if making changes to your clearing house, or leaving those changes until the last minute. With the close of the SBSCH, many businesses will be on the lookout for a new solution to handle superannuation payments in a timely and efficient manner.
This unfortunately makes condition ripe for unscrupulous actors to swoop in, posing as clearing houses offering free or low-cost services and instead diverting funds intended for superannuation funds to their own pockets. We’ve seen this in action a decade ago, when the Plutus Payroll tax fraud scam, the biggest case of tax fraud in Australian history, diverted $105 million in PAYG tax to scammers between June 2016-May 2017.
The ATO maintains a product register of legitimate clearing houses on their website. While the ATO cannot endorse or recommend any particular product, those that are listed support employers in meeting their required SuperStream obligations.
SybizSuper, our SuperStream-compliant service in partner with SuperChoice, lets Visipay users send employees’ superannuation data through a secure online portal. Users can process a single payment, while SuperChoice handles the distribution of funds to each employee. Learn more about SybizSuper here.
Don’t take a risk with your super solution. The old adage holds up: If it sounds too good to be true, it probably is.
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