why does myob pay super take so long
I have started processing Super through Myob as a trial, after using ATO Super clearing house for many years. I only processed one company's supers through MYOB, the other companies I work for, I co...
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I have had the same experience most the payments I have made take 7-8 BUSINESS days to finalise. The funds leave my account on the day processed but are not arriving in a timely manner.
The excuse about 'data errors and rejected payments' is just that - an excuse - becuase the payment go through without any rejection or request for further data. PLUS its data generated by MYOB.
I could accept if I received a rejected payment or a request for information that the payment takes so long but I find it unacceptable that it takes more than 4 business days.
Yes, it's definitely a problem, especially with Pay Day Super looming in July. I used to use the ATO Small Business Clearing House in the past, and they were slow too, so maybe it's across the board in the industry and it needs some tidying up or streamlining or better integration.
How do we determine who is at fault here?? Is it: the middle man (MYOB Pay Super/ ATO Clearing House)?? Or, is it the Super Funds themselves that may not be processing as efficiently as they should be? Does anyone know of a Super clearing house where their super payments are processed within 2 - 3 days and it appears in the Member's account within that timeframe too??
Either way, for Employers, Bookkeepers and related parties, if we are to keep up with the legislation, the mechanics of pay day Super through our accounting software need to be a lot quicker and more streamlined, otherwise the Super deadline dates may as well be a week earlier to make sure that compliance is happening.
