MYOB is holding our Super payments to earn interest
I initiated a Super payment via MYOB PaySuper on the 21st of June. This was my final super payment before the end of the financial year. The money was deducted from my account on 24th June itself, but can you believe I still have not received it in my Super fund, meaning it won't be counted as part of this financial year? Even though MYOB says that it can take 10 business days for Super payment to be completed, I don't understand why it takes so long even after the money is deducted from my account. I tried to dig into their policies and found that MYOB holds your super money just so that they can earn interest on it. I couldn't believe that I had been paying a subscription to a company which has such bad ethics. Imagine loosing on your tax savings for the year just because MYOB decided to hold your money for earning interests. Below is the exact text from MYOB pay super guide. You can access the page here: https://www.myob.com/au/legal/myob-pay-super-guide SuperChoice receives transaction fees that are calculated on a per employee contribution basis from MYOB and PayClear receives interest on the superannuation contributions transferred using MYOB Pay Super. The funds are held in an account pending disbursement of contributions to the relevant superannuation funds. The interest that PayClear receives at the date of this FSG is 3.10% per annum. This rate will fluctuate upwards and downwards according to fluctuations in interest rates. Shame on MYOB
Reference number for Pay Super transactions still not updating automatically - every time you press Create Super it shows reference PS000001
I've been forced to manually change the Pay Super reference number (and payment number) for every superannuation payment since September 2021 -- it's obvious that your system developers are not actively addressing this issue (as stated by one of your moderators a few months ago). Another moderator recently admitted that it's been on their radar but that they're not working on it (!) I've sent numerous screenshots and emails but there's just no action from MYOB. It is a massive waste of customers' time and so utterly frustrating coming from a platform that claims to streamline processes. I just don't understand why MYOB system developers can't fix a simple bug so that payment reference numbers automatically update with a new Create Super action.
