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 ...
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"?