Super Payments - "processing payment"
My client's last 3 super payments have been processed in their bank account. However, the super payments report is showing these as "processing payment". Can someone please suggest how to update this to "completed", as the client has to check each super payment with the bank statement to make sure it's processed.
How are you preparing MYOB PayGlobal for Payday Super?
Development work is already underway to ensure MYOB PayGlobal supports Payday Super and the associated superannuation reporting and payment changes. As part of this, we’re validating that we’ve covered all the reporting and payment scenarios our customers use today, and we’d love your help by sharing how you currently work and what you see changing. In particular, we’re keen to hear about: How you currently manage super How are you producing and submitting your SuperStream files today? Which clearing houses or super providers are you using? Are there any custom steps or workarounds in your current process? What you expect to change with Payday Super Have your providers shared any timelines or new requirements yet (e.g. SAFF changes)? Are you expecting to change providers or gateways? Which parts of your current PayGlobal process do you think will be most impacted? Where you think you’ll need the most support Specific reports, file formats or integrations Process changes inside PayGlobal Anything you’re uncertain or concerned about Please feel free to reply in this thread with as much or as little detail as you’re comfortable sharing — even a high-level overview of your setup and anticipated changes is really helpful for us. If you’re open to providing a bit more detail, we’ve put together a short 3–5 minute questionnaire to capture your current setup and any known or expected changes related to Payday Super: 👉 MYOB PayGlobal Payday Super Reporting Questionnaire Your input will help us understand what different organisations are planning, and ensure we focus our PayGlobal support and guidance on the areas that matter most to you. For more information regarding Payday Super: Australian Payday Super Changes
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
