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Kim_Green123's avatar
Kim_Green123
Experienced Cover User
30 days ago

Superannuation Limit increase to more than $15,000

I needed to increase our superannuation limit to slightly more than $15,000.  To do this MYOB requested that a "Pay Super Change of Details" be submitted which can take 3-5 business days to be responded to.

I did this but then the "Pay Super Team" contacts me via email to say they require more information -  

"To proceed with your limit request, please provide a list of the current Board Members (including full names and positions held) printed on official letterhead and signed by a Board Member.

Alternatively, a copy of a recent AGM that lists the Board Members (including full names and position held).

We cannot verify who the senior decision makers are for the business via ASIC so we rely on you providing us this information.

Note: please ensure a minimum of one Board Member has signed Section 5 on page 3 of the documents."

 

As the quarterly payment is due soon I was sweating on a response so I could pay the superannuation. (The organisation is a non-profit entity, not a company as assumed by MYOB).

I do not understand why MYOB controls a business' funds in order to be able to pay a legal responsiblity.  I understand banks putting controls in place but not a software company telling businesses how they can spend their money. 

I believe this rule should be changed MYOB!

When I contacted MYOB yesterday they should have advised the work around is to pay in 2 instalments so you are under the limit instead of a shrug of the shoulders of I can't help you!

 

 

 

 

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