Superannuation

[natneary]

Hi,

I have recently ,igrated from Account Edge to MYOB Essentials and wantto check if we have to pay Super through the Pay Super Function. As we are a small business in the past we have paid Super and recorded it in a separate transaction. I only ask as it appears we get charged a fee to pay through the Pay Super function.

Thanks

Natalie

[Steven_M]

Hi @natneary 

From a product point of view, there is no requirement to use the Pay Superannuation feature. Although there are no additional charges for using the Pay Superannuation feature - this is included in your MYOB Essentials subscription costs. 

If you are wishing to use a different service then you are more than welcome to, however, we do recommend ensuring that it is a Super Stream Compliant service. Should you use an external service you want to use the Spend Money process to record the payment allocating that to the necessary liability account and match that to the bank transaction OR allocate that bank transaction to that account. Worth pointing out that unlike AccountEdge you would not be able to obtain a direct export of the information for uploading to the MYOB Super Portal or another service.

[natneary]

Thanks Steven, I noticed when I read the Product Disclosure statement in the Pay Super function that there is a $3 /quarter /fund charged. So is this waivered or is this a charghe that is incurred on a quarterly basis? Thanks Natalie

[Steven_M]

Hi @natneary 

The MYOB's Pay Super Service - Product Disclosure Statement that I was able to locate doesn't have any references to that charges. There are charges for Payment Trace and Bank Debit Dishonour Fee - outlined on Page 6 of that PDS.

In saying that, I would love to see where you have that documentation/a link so we can review that information directly. I do know that M-Powered Superannuation, which was a very old Pay Superannuation function that offered in AccountRight Classic and from memory AccountEdge, would be around that costings so you might be looking at that older service documentation.

[natneary]

Attached is the pdf that is part of the disclosure statement you have to agree to when signing up for Pay Super.

Thanks

Natalie

[Steven_M]

Hi @natneary 

Thank you for providing that documentation.

The documentation you have provided relates to the M-Powered Super process which is the very old process that I did mention in my previous post and would be, a now outdated, method of paying superannuation.

The Product Disclosure Statement for Pay Super is found here.