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AndrewStephen's avatar
AndrewStephen
Valued Cover User
3 years ago

Why does MYOB hold onto Pay Super for 13 Days?

Can someone at MYOB please explain what it took 13 days from Pay Super once it was taken from our account to be deposited to various super fund accounts?

We had a payment withdrawn from our account on 26th Oct almost straight away after we processed the "Pay Superannuation" payment.  As one of the accounts is our SMSF bank account, we can measure how long it takes.  The payment to our account hit the account this afternoon.   That's 13 days of MYOB holding onto our money.

Before you straight with all the normal excuses, I spoke to Westpac QuickSuper today and they confirm the payment was only received today.

MYOB you can take the money the same day we process the payment in AccountRight.
Westpac can process it the same day they receive the money
Why should MYOB have the ability to invest our money for 13 days when we don't have that option?

That is not acceptable.

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  • I would also like some clarrification around this. Our super contributions are constantly taking between 7 to 14 days to hit our employees Super accounts, including my own, which just hit my account todoay after making the payment 10 days ago.

  • I have also come here for an answer on this.  Surely this is way too long to hold onto employees money.