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ChrisS24's avatar
ChrisS24
Contributing User
26 days ago
Solved

Pay Super

I am somewhat concerned with being compliant with the ATO.  I pay staff super every week from the start of April.  What I am seeing is that MYOB Pay Super takes the payment out of the bank account th...
  • Princess_R's avatar
    Princess_R
    25 days ago

    Hi ChrisS24,

     

    You’re spot on to keep an eye on ATO timing. To clear things up though, the money doesn’t actually sit with MYOB at any point. As soon as you authorise the super batch in Pay Super, a direct debit comes out of your nominated bank account that same day. From there, MYOB sends the funds to the clearing house, and the clearing house passes the contributions on to each employee’s super fund. Each fund then has its own processing time before it shows in the member’s account.

     

    All up, from when you authorise in MYOB to when the super funds receive the money, it can take up to 7 business days. It just feels slower than doing a direct BPAY to your own fund because of the extra steps with the bank, clearing house and each individual super fund’s processing.

     

    Cheers,

    Princess

Princess_R's avatar
Princess_R
MYOB Moderator
25 days ago

Hi ChrisS24,

 

You’re spot on to keep an eye on ATO timing. To clear things up though, the money doesn’t actually sit with MYOB at any point. As soon as you authorise the super batch in Pay Super, a direct debit comes out of your nominated bank account that same day. From there, MYOB sends the funds to the clearing house, and the clearing house passes the contributions on to each employee’s super fund. Each fund then has its own processing time before it shows in the member’s account.

 

All up, from when you authorise in MYOB to when the super funds receive the money, it can take up to 7 business days. It just feels slower than doing a direct BPAY to your own fund because of the extra steps with the bank, clearing house and each individual super fund’s processing.

 

Cheers,

Princess

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