Processed Super to the wrong fund - Pay Super AccountRight

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Processed Super to the wrong fund - Pay Super AccountRight

I processed Super via PaySuper to the wrong fund for one of the employees as they provided the wrong BSB number for their SMSF. How long does it take for the money to be returned back to company bank account so I can edit their super details and do a reverse?

It has been 5 business days since money was withdrawn from company bank and the status in MYOB Pay Super is still Completed eventhough we all know something is wrong.

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Re: Processed Super to the wrong fund - Pay Super AccountRight

Hi @Katty 

 

Although you might be aware something is incorrect with regards to the information accompanying a superannuation payment, the payment has to go through the Pay Super system and hit the super fund for it to be recognized as containing incorrect information accompanying the contribution.

 

Depending on your bank, once the contribution has been returned from the super fund, it may take up to 3 business days for the amount to show in your bank account after it has been returned

Regards,
Neil

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