Superannuation - Late Payments

I would suggest that you consider using an alternative clearing house.

There are many clearing houses available, and it is concerning that you continue to use one that appears to be consistently delayed in processing payments.

It is also difficult to accept the suggestion that employers are solely responsible for ensuring superannuation contributions reach employees' funds within seven days when we make our payments on the required date, and any subsequent delay is caused by your nominated clearing house.

We meet our obligations by making payment on time. Delays occurring after that point are outside of our control and are a direct result of the processing arrangements you have chosen to put in place.

Hi IFMsolutions,

You’ve explained the concern clearly, and it’s a valid one to be watching closely. The 10 business days timeframe doesn’t include weekends or public holidays. Based on the dates you’ve shared, the payment would most likely be expected to complete and reach the fund next week. If it hasn't reached the fund by then, feel free to contact our team so they can check what's going on with the payment. You can reach them on Live Chat via our virtual assistant, MOCA, or by submitting a support case via My Account.

On the 1 July Payday Super changes and the 7 business day timeframe, there’s more info on this relevant Community Forum post. It’s worth having a look there and checking Mike_MYOB’s response, as that covers the latest guidance around the new timing expectations.

Cheers,

Doreen

Hey IFMsolutions​ 

MYOB does not receive any funds or payments in this process. The clearing house debits the payment, and then sends the payment to the funds. One of the reasons that you see things take time today, is that the funds have a 20 day window to allocate payments, but this is reducing to 3 days come the 1st July.

The legislation is written that it is the employers obligation to make sure super reaches the employees fund within 7 days. This doesn't mean that you are on the hook for every step in the chain. 

Practically speaking, if an employer authorises the super payment on payday before the 4pm AET direct debit cut-off, standard processing is:

• 3–5 business days through the clearing house.
• Add the fund's 3-day allocation window on top
• And you're comfortably inside 7 business days as long as you're submitting on or close to payday. The risk for our customers (Employers) is when there are delays in authorising the payment.

Check out this thread for more information! Hope this helps.