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 MYOBADJUSTING SUPER CALCULATION IN BACK PAYRUN
Hi I have inadvertantly left out some exemption in the superannuation guarantee. Therefore the incorrect amount of super was calculated in the last three pays. The super contribution has not been paid. I have completed each (-) adjustment using the same pay dates in that need adjusting with negative amounts therefore the only calculation on these pays is the deduction in super. My question is do I mark it as a new payrun or an update? If it is an update will it just effect the super amount or does it override the whole original pay for that period or it is a new with just the super deduction effected?Solved