ThomasWines's avatar
ThomasWines
Experienced Cover User
6 days ago
Status:
Closed

Superannuation payment delays and notifications

Can anyone at MYOB explain why it takes (generally) up to five days to process employee superannuation payments? My own SMSF account is just a secondary bank account within CBA, but still up to five days between debiting my business account and receiving the funds into my SMSF account. Same bank, and my normal payment transactions are basically instant.

It reeks of short-term money market interest grabbing from MYOB, the benefit of which should be going to our employees not MYOB.

 

Also, why can't MYOB send an immediate Superannuation payment notification to my employees? Surely this is as simple as our every day payroll advice. I suspect MYOB do not want to be exposed for holding funds in the short-term money market. Prove me wrong MYOB....

 

I'm not sure how Xero works in this space, but it's certainly worth investigating.

Payroll
  • AmandaCL's avatar
    AmandaCL
    MYOB Moderator
    2 days ago
    Status changed:
    New
    to
    Closed

    Hey ThomasWines

    This page has a list of FAQ's and more information about making super payments through MYOB securely. 

    If you have any further questions or issues regarding super, it would be best to contact our support teams for further assistance. You can do this by raising a case in My Account and our teams will be able to take a deeper look into it for you. 

    In the meantime, I've updated the status of this post to closed as the Ideas Exchange is a space for users to post ideas/suggestions they'd like to see in our product. For future, you can post these types of questions in our AccountRight boards! If you have any ideas on improvements you'd like to see or new features in product, don't hesitate to make another post - we'd love to hear it! our AccountRight boards!