I have started using the super payment system to make sure it all works prior to July next year.
When does MYOB pass on the payments to the individual super funds.
Arent they supposed to happen as per pay period eg. weekly if the payroll is done that way???
Hi esna,
Nice work getting set up early and testing Super payments before July. Yes, that’s exactly what the new Payday Super rules are about. Employers must pay Super at the same time as wages, matching the pay cycle (weekly, fortnightly, or monthly), so the money hits the employee’s Super fund within 7 business days of payday. I’ll also add this link you can read through for more info on this upcoming change.
Cheers,
Princess
Hi Princess_R ,
What are MYOB's settlement terms? Will they guarantee that payments will be in the super fund before the 7 days is up if we are approving the super payment at the same time we do the pays? The funds leave our account the very same day.
Hey Sinclair,
As long as you process and authorise the super payment after recording the pay run, the contribution will make its way to the super fund within 7 business days. This follows the standard settlement timeframe for super payments. If you have questions about this, you can reach out to our team on Live Chat via our virtual assistant, MOCA, or by submitting a support case via My Account.
Cheers,
Doreen
