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.