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This page describes how to set up a super scheme where both the employer and the employee contribute to the scheme, but the amounts are different and are fixed amounts (not percentages).
To set up the super scheme
- Go to the Maintenance command centre and click Maintain Pay Codes.
- Click New.
- As the Pay Code Type, select Post-Tax Deduction.
- Specify a Pay Code. You can call it SUPER and then use the employee's initials to identify the code, for example SUPER-SJ.
- Enter a Pay Code Description then click OK. The new pay code will now be listed.
- Click the newly created pay code then click the General tab.
- For the Default Pay Rate, enter the amount the EMPLOYEE will contribute.
- Click the Super tab and enter the amount the EMPLOYER will contribute in the Maximum Amount field.
- Select the options Employer Superannuation Contributions are based on this Paycode and Include Employer Superannuation contributions with Direct Credits.
- Go to the Maintenance command centre and click Maintain Employees.
- Click Select Employee.
- Click the employee for whom the Superannuation Scheme is being set up, then click OK.
- Click the Pay Defaults/Totals tab.
- Press the F4 key on your keyboard (or click New). The Select a Pay Code to Add window is displayed.
- Click the Superannuation paycode created above then click OK.
- Enter a 1 in the Quantity column. The amount the employee is to contribute will appear in the Rate column.
- Ensure the correct rate of ESCT is being applied - you can see this on the Employment Details tab in Maintain Employees.
- When you process and finalise the next pay run, the Superannuation contributions will be deducted. Use the Employer Superannuation Period Report to show details of these deductions.
To find out more about taxing superannuation contributions visit the IRD website.