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shailesh151's avatar
shailesh151
User
17 days ago

MYOB is holding our Super payments to earn interest

I initiated a Super payment via MYOB PaySuper on the 21st of June. This was my final super payment before the end of the financial year. The money was deducted from my account on 24th June itself, but can you believe I still have not received it in my Super fund, meaning it won't be counted as part of this financial year?

Even though MYOB says that it can take 10 business days for Super payment to be completed, I don't understand why it takes so long even after the money is deducted from my account. I tried to dig into their policies and found that MYOB holds your super money just so that they can earn interest on it. I couldn't believe that I had been paying a subscription to a company which has such bad ethics. Imagine loosing on your tax savings for the year just because MYOB decided to hold your money for earning interests. Below is the exact text from MYOB pay super guide. You can access the page here: https://www.myob.com/au/legal/myob-pay-super-guide

SuperChoice receives transaction fees that are calculated on a per employee contribution basis from MYOB and PayClear receives interest on the superannuation contributions transferred using MYOB Pay Super. The funds are held in an account pending disbursement of contributions to the relevant superannuation funds. The interest that PayClear receives at the date of this FSG is 3.10% per annum. This rate will fluctuate upwards and downwards according to fluctuations in interest rates.

Shame on MYOB

super

1 Reply

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  • Doreen_P's avatar
    Doreen_P
    MYOB Moderator
    14 days ago

    Hi shailesh151

     

    I understand the frustration of the delay in your super payment showing up in your fund. Typically, super payments can take up to 10 business days to process, and sometimes there can be additional delays if there are data errors or other issues during processing. If your payment hasn't updated its status after 10 days, we'll definitely look into it further for you. You can also check this link for more information. It's important to us that everything runs smoothly, so rest assured we'll investigate this promptly. If you need any further assistance or have questions, feel free to reach out. Hang in there—we're here to help!

     

    Best regards,

    Doreen