payday superannuation using MYOB
how long does MYOB take to actually make the payment to the super funds?
Forum Discussion
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.
