payday superannuation using MYOB

NOT GOOD enough as the new rules for pay day super from the ATO require the payment to be received in the employee's super account within 7 seven days.  So how is MYOB going to speed this up?  

Sai - you have completely misunderstood my query...

For us to use your pay super in MYOB and especially with the new payday super rules, MYOB needs to work very quickly to ensure compliance and the clearing house (MYOB Clearing House) is process the payment fast.  The funds have been deducted from my bank overnight - and that part is working fine.  it's the behind the scenes machinations that is outside our control that is the issue...please get this right as many businesses will be in super guarantee charge situations if you guys are delaying the process.

I think for anyone paying staff weekly, that’s something to worry about, as the payday super rules don’t really leave much room if the payment takes that long to reach the fund

Hi Dlmad,

Once you've made the payment in MYOB, it usually takes around 5 business days for it to be authorised, processed, and land in the employee's super fund. That said, things like bank processing times or fund delays can sometimes slow it down a bit, so we recommend allowing up to 10 business days just to be safe. Here's a handy link with more info: Make superannuation payments. If it's been more than 10 business days and the payment still hasn't come through, best to jump onto our live chat support through our virtual assistant, MOCA, or submit a case via My Account so the team can take a closer look for you.

Regards,

Sai

What a joke! 7 days is the ruling

where is the money that myob have deducted on pay day and will myob pay the fine fine and if you go bankrupt (likely) where is our money?

a big incompetent myob - going to zero!!!

Hi 576752,

Fair question, that time frame is tight.

Once the payment is deducted, MYOB doesn’t hold the money; it goes through the clearing house and bank processing before it reaches the super fund. Pay Super typically takes around 3–5 business days from authorisation, but it can take up to 10 business days end to end depending on bank and fund processing.

If it’s been more than 10 business days, it’s worth getting our team to check it properly via live chat through MOCA, our virtual assistant, or by lodging a ticket in My Account.

Regards,
Genreve

Hey Dlmad​ and all

We've updated this thread with some FAQ's that should help answer your question - check it out here. 

Feel free to reach out if you have any more questions!

Hi Isaiah,

MYOB is NOT the problem here alone.  I have investigated XERO and they have the same issue.  The banks can hold up funds for 3 days and then the superfunds are not processing fast enough either.  Be very careful.  At least MYOB came back to give a reply - superfunds wont answer what is taking them so long to process.  However, they are under pressure to speed up as the Government is also putting pressure on them to hurry up.

I pay staff weekly (both permanent and casual staff) so how on earth can I allow 10 days for the payment to hit the employees' super accounts when the law says 7? 

I am running Pay Super at the same time as running Payroll.

Hi Edwina, 

I can understand why that feels worrying, especially when the timing is so tight.

The 7 business days is the legal requirement from payday. The earlier 10-business-day comment was referring to the full end-to-end process, not MYOB alone, as bank/direct debit timing and super fund processing can also add time after the payment is authorised.

Regards,
Genreve

Yes, I understand but I still can't pay Super prior to actually paying people. I'm not saying that the time in processing is entirely MYOB's fault as the money now seems to flow through several different doors prior to reaching the Super Funds but I can't possibly comply with what you're recommending - 10 days.