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Horse3633's avatar
Horse3633
User
2 months ago

Superannuation payment delays

Can MYOB please explain why it takes on average 4 days and on occasion up to 6 days for superannuation proceeds to appear in the funds of our staff, some of which are self managed funds?

We process superannuation payments monthly and this time delay occurs each month.

We loose interest on the funds when they leave our bank account and the fund owner does not have acess to these funds for several days later.

Surely in these modern times of electronic transfer the process should be quicker.

 

1 Reply

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  • Earl_HD's avatar
    Earl_HD
    MYOB Moderator
    2 months ago

    Hi Horse3633,

    Thanks for your post, and welcome to the Community Forum!

    My apologies for the late response. Typically, superannuation payments take about four business days to be authorized, processed, and received by super funds. However, delays can happen, like payments being rejected due to data errors. Therefore, we suggest allowing up to 10 business days for your payment to process. You can also visit this help page for more information about:


    Feel free to post again, we're happy to help!

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

     

    Regards,
    Earl