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AwG1's avatar
AwG1
Contributing User
7 months ago
Solved

Incorrect ABN for SMSF in MYOB

Hello

I've spent a few hours on this already and have followed advise provided in forums. I have an employee with a SMSF. They have provided the ABN (and I've checked 4 times now) and it is correct. Message from MYOB is that the ABN is invalid. I have the ESA so should be all good.

Please help!

  • Princess_R's avatar
    Princess_R
    7 months ago

    Hi AwG1,

     

    Thank you for your response.

     

    I've further checked the Superfund ABN from the ATO Superfund Lookup, and I can see that the ABN for this fund is invalid as the fund's status is "Regulation Details Removed". This means the regulation details of this SMSF have been removed due to failure to lodger returns. The status needs to be "active" for us to process the payments associated with that fund. Therefore, this requires the fund to contact ATO and get the status changed.

     

    Please don't hesitate to reach out if you've got any questions or concerns in the future. I'm here to help.

     

    Cheers,

    Princess

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  • Shella_A's avatar
    Shella_A
    MYOB Moderator
    7 months ago

    Hi AwG1, 

     

    Thank you for your post.  I'd like to extend you a warm welcome to the Community Forum. I hope you find it a valuable resource.
     

    To correct the situation, kindly re-set up the super fund within the file by going to Business name (upper right-hand corner) > Payroll settings > Superannuation funds > Create super fund > Then fill out all the necessary fields. The Help Article Set up superannuation funds will provide you with all the information available.

     

    If it still shows incorrect ABN, it is possible that the SMSF updated or changed their details. We recommend you contact the SMSF of your employee directly to verify that information. 

     

    If you need further help, don't hesitate to start a new post and we'll be happy to assist.

     

    Otherwise, if my response has answered your enquiry, please click "Accept as Solution" to assist other users find this information.

     

     

     

    Cheers,
    Shella

    • AwG1's avatar
      AwG1
      Contributing User
      7 months ago

      Hello Shella,

      thank you for your response. I do not know why this is not working for me. I have double and triple checked the ABN. I have the correct ESA and bank account details and still no luck. The message remains (with the !) "the ABN for this employee's fund is invalid. To fix this, create a new fund with correct details". I now have the same fund entered 3 times. 

      Your help would be greatly appreciated. 

      • Princess_R's avatar
        Princess_R
        MYOB Moderator
        7 months ago

        Hi AwG1,

         

        Thank you for your response.

         

        I'm sorry to hear about your experience with the ABN for your employee's fund. I understand your concern, and I'm here to assist you in resolving this matter. To address the error message you're encountering, could you please provide Superfund's name and its' ABN? I will investigate this further on our back end.

         

        Cheers,

        Princess

    • Tiffy's avatar
      Tiffy
      Contributing User
      5 months ago

      Hi there,

       

      I have the same problem as the person below. The ABN is correct and the ESA is correct yet I still can't process super payments for the employee to their SMSF. This is driving me crazy and the accountant and the bookkeeper as both cannot understand what the problem is.

      I spoke to a MYOB consultant and he forwarded this link to me but I can't work out where to go to try and re-set everything. Where does it say Business name and where are payroll settings?

      • AwG1's avatar
        AwG1
        Contributing User
        5 months ago

        Hi Tiffy 

        So, my problem was resolved. The reason why I can't make payments is because the tax returns have not been completed for the SMSF and until they are, the account is locked and I can't make the contributions. Frustrating but problem solved :)