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 that day, but the payment is not being put into the staff's account until the maximum of seven days. Can someone please explain why MYOB holds this for so long. I actually BPay into my own super account and it is there within two days. Considering that this is a requirement now on employers and should something go wrong and the payment delayed further, we are not being compliant due to the delay by MYOB. I am doing everything correctly my end, can someone please explain the process?
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
