Pay Superannuation: Show Processing Date of transaction
The penalties are increasing for late super and the deadline is not the date the money has left the bank it is the date it is received and processed by the Super fund. The date listed in the Manage Payments window indicates the date it was created, not the date approved or the date completed. The date completed is the most critical date.
Can MYOB please show the actual DATE of completion for super as that seems to be the only thing that really matters from a compliance perspective. To provide more detail, I'd suggest 2 more date columns in the Manage Payments window, Date created (current date field), date approved/authorised and date completed. This gives total transparency to the business owner and the Consultant's/Bookkeepers/ BAS Agents and Tax Agents. I think that this is critical information that the Business owner currently has absolutely no way of gaining.
Why is MYOB not repsonding to this request? I have always been told that Super payments need to be authorised by the 20th of each quarter to ensure receipt to the employees Super fund by the 28th - as per SG payment dates. We always pay on the 20th, yet in my personal super, it does not show on my statement until a few days into the next month. My Super fund claims they processed it the day the received it! Who is holding on this money for 7-14 days? Why?
We definately need to know the actual date our Superannuation is paid by the MYOB Clearing house. We may authorise by the 20th of the month, but have no clue on what day MYOB actually make the payment!
Great points made Tanya_Spence but just like business owners (or their representatives), MYOB would have no control over how long the Super Funds take to process & deposit the funds we pay into our employees super accounts? Though with everything being electronic - logically there should be no delays beyond 24 hours or at the most 48 hours.
I take the following steps to help ensure compliance is being met from our end ...
1. Ensure all steps, Processing/Authorisation & Completion are all completed on the same day (the need for reporting of multiple dates is eliminated).
2. We record the Authorisation Code on each Monthly or Quarterly Report. This number can then be referenced back to the email or SMS code from where the code was received, which then references back to the dates, times and the amount of the super payment that was made. Note: I never delete these ... just in case there ever is a dispute, discrepancy or compliance issue.
3. When reconcilling each months Bank Statement, the date that the super payment was "debited/cleared" from our account and also then record this on the same report as per Step 2. Which providing I've authorised the payment before 4pm (AEST) has always cleared that same day.
Provided we've completed the transactions from our end by no later than the date recommended by MYOB (currently listed as the 23rd following each quarter) then I feel confident that as a business we have done all we can to ensure compliance.
Of course, we have absolutely no control from that point onwards, so from time to time, I'll also randomly add in a 4th step and ask employees to please check for me how long the super deposits take to actually drop into their accounts. Given that everything is now processed electronically I'm surprised to hear that funds can still take up to a further 7x Days ... which I have to say is disappointing to hear, especially as we choose to make our super payments monthly (for our employees benefit), even though we're only obliged to make them quarterly.
WendyE I'd like to know the same thing? "Who is holding on this money for 7-14 days? Why"?
Exactly Tanya, I always make our Quarterly Super by payment no later than the 20th of the month - processed & authorised on same day and is always deducted from our bank account on the same day (normally the 20th of the month). Yet my personal super is not in my super account until around the 30th of the month. Speak to MYOB and they say they send 3-5 days (I allow 8 days so should not be any issues), so then speak to the Super fund and they say they received it on the date shown on my super statement!
Surely MYOB you can be a little more transparent with when you are forwarding our money to our super funds - if not why not? MYOB please respond!
Disappointing to say the least but sadly not surprising, as with most of the AccountRight-Idea-Exchange and their time lines. Just doesn't seem to be at all acceptable given now that all of MYOB's clients were forced into a subscription ... that increases yearly by $10 per month!
