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janep's avatar
janep
Experienced Cover User
28 days ago
Solved

Superannuation Payment not in funds

Knew the processing times for cut off for Super (5-7 business days) Processed Super payments from MYOB to funds 10.56pm Tuesday 23 June. Funds were drawn from our Bank Account on 24 June.  Today 30 J...
  • Doreen_P's avatar
    Doreen_P
    25 days ago

    Hi JaneP,

     

    Totally understand why this would feel stressful, especially with EOFY and top-up super timing in the mix. For Pay Super, the payment timeline is up to 7 business days for the contribution to reach the super fund, and the timing doesn’t include weekends or public holidays. So even when the money has already been drawn from the bank account, there can still be processing time before each fund actually receives and applies the contribution. You can also check the comment from this Community Forum post for more info the super changes.

     

    Cheers,

    Doreen

janep's avatar
janep
Experienced Cover User
26 days ago

Now we find some funds received money on the 30 June, others with large amounts received 1 July !!

I have a priority support request in, still no reply. 

No MYOB Moderators on here with an answer?

This now has tax implications. 

We are all now having to do SAME DAY SUPER, we were already doing this

What is MYOB doing with the money, where does the money go for 7 days? 

Most banking environments process overnight, this is not acceptable

 

People check your Super funds, see how long it is taking for the money to be received
I am interested to hear if this 'our' problem or is there a delay for everyone?

Albare's avatar
Albare
Trusted Cover User
24 days ago

I processed employees super on Monday before EOFY for June pay up to that date and by Friday morning still not in my employees fund. Mind you I can pay their wages by EFT and on Thursday while they are standing in front of me (ANZ to CBA) it was in their account 2 seconds later...and I literally mean 2 seconds.

  • janep's avatar
    janep
    Experienced Cover User
    24 days ago

    Albare Exactly my point. ETF takes in some cases a few hours, depending on which bank, at worst received overnight. This is totally unacceptable. 

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