Payday Super
Hi Team,
With the introduction of Payday Super, we are concerned about the time it takes from the payment being processed the superannuation module in MYOB and the funds hitting the employees superannuation fund. In the example below payroll was processed last week and the superannuation is still in progress!
You will note that this is not the first time using the superannuation payments in MYOB nor are the amounts for new employees.
Given that payday super states that the employees fund must receive their superannuation within 7 business days of payday, can MYOB provide assurances that this will take place as based on the example above this seems doubtful.
If you can't provide assurance that this will take place, will MYOB be liable for any penalties that businesses incur for the superannuation they have paid that does not reach the employees superannuation fund within the required timeframe (7 business days)?
Thanks in advance.