Superannuations
Select Superannuations from the Maintenance menu. This is where you can set up Superannuation contributions.
This window lists all of the superannuation contributions you have set up.
To edit one of them, click on it and click on the Select button or press enter.
To add a new contribution, click the Add button or press F4.
In both cases, the Superannuation maintenance window appears:
Superannuation Type For Employer Contributions, select "Employer Superannuation"; for Employee Contributions, select "Employee Superannuation".
Code Enter the code number you want to list this Superannuation as. You can use up to a maximum of 3 digits (1 - 999). If the Superannuation Type is "Non-cash benefit", use a number not assigned to another non-cash benefit. If the Superannuation Type is "Deduction", use a number not assigned to another deduction.
Contribution Type The Contribution Type is an indicator that is relevant to all superannuation transactions. It is used by the superannuation provider to classify the various types of payment that they may receive. The list of available types differs depending on whether the Superannuation Type is "Employee Superannuation" or "Employer Superannuation".
| Code | Description |
Employee Superannuations | |
SS | Salary Sacrifice - Super contributions deducted from total employee package before tax. PAYG tax is calculated on the employee's package net of salary sacrifice. |
SV | Salary Sacrifice Voluntary - Many Defined Benefits Funds allow members to pay the basic contribution by salary sacrifice as well as make voluntary salary sacrifice contributions. PAYG tax is calculated on the employee's package net of all salary sacrifice contributions. |
SP | Spouse Contributions - Contributions made by employees on behalf of their spouses. |
MR | Member Regular - Members may pay regular percentage of salary or fixed amount as a contribution. Used in cases where the member has to pay a percentage or amount nominated by the employer i.e. compulsory member contribution. |
MV | Member Voluntary - Members may pay a voluntary percentage of salary or fixed amount as a contribution. Used in cases where the member is able to nominate the percentage or amount. For funds where a member regular contribution is paid members may also make additional voluntary contributions as well as the regular contributions. Used in cases where vesting may be dependent on member regular account (DB funds) or where employer matches member regular contributions but also allows member to contribute additional amounts. |
MD | Member Deducted - For eligible members (who are either substantially self employed or not entitled to superannuation support from their employer) who wish to pay an amount of after tax salary as a contribution and claim the amount as an income tax deduction. |
MP | Member Single Premium Account - Member lump sum contributions other than rollover. |
Employer Superannuations | |
SG | SG Contributions (Compulsory) - Legislated compulsory Superannuation Guarantee (SG) contributions. |
EC | Employer Contributions - Contributions made by employers in excess of their statutory obligation. Used in funds where the Employer contribution percentage may exceed the SG contribution percentage and a separate account is required to show this. |
EA | Employer Additional - Used in funds where the Employer contributions may be fully vested and an additional account is required if the additional employer contributions are not fully vested. |
PR | Productivity Contributions (Award) - In cases where Productivity/Award contributions need to be identified separately rather than incorporated in SG (to show meeting Union obligations) they can be reported here (otherwise will be included in SG contributions). |
RC | Redundancy Contributions - Used for Redundancy funds. This is offered by certain Industry Funds. |
EP | Employer Single Premium Account - Employer lump sum contributions. |
AP | Additional Invalidity Premium - Used by Some Defined Benefit Funds. |
DA | Drug and Alcoholism Conts - Contributions into the Drug and Alcoholism rehabilitation foundation. This is offered by certain Industry Funds. |
RESC Tick this box if the contribution is a Reportable Employer Superannuation Contributions (RESC). Employer Contributions you make for an employee are reportable where all of the following apply:
- your employee influenced the rate or amount of super you contribute for them
- the contributions are additional to the compulsory contributions you must make under any of the following:
- super guarantee law
- an industrial agreement
- the trust deed or governing rules of a super fund
- a federal, state or territory law.
Contributions you make that are not reportable employer superannuations contributions are any compulsory contributions that you must make for your employee.
See Reportable employer superannuation contributions at the ATO's website for full information on what types of Employer Contributions are and are not reportable.
Salary Sacrifice For employer superannuation contributions that form part of a salary sacrifice arrangement, select this option.
Calculation Method Select "Fixed Dollar Amount" if a set amount should be contributed to the superannuation fund. Select "% of Gross Pay" if the contribution should be calculated as a percentage of the employee's gross pay liable for superannuation.
Percentage Rate If the contribution is calculated as a percentage of the employee's gross earnings liable for superannuation, enter the rate in this field. If the rate varies, leave the rate as 0.00.
Amount If the contribution is a set amount, enter the amount in this field. If the amount varies, leave it as 0.00.
Limit Superannuation Contributions Ticking this box hides the Minimum Earnings Base and Maximum Earnings Base fields and displays the Maximum Super Contributions Amount field.
Maximum Super Contributions Amount This property applies to piece workers whose superannuation is calculated based on the value of hours worked. Enter the maximum contribution amount that each employee can receive per week (this will be multiplied according to employees' pay frequencies, e.g. the maximum amount for an employee who is paid fortnightly would be twice the amount you enter here).
Minimum Earnings Base This property is available for employer superannuations where the Contribution Type is set to "SG". It specifies the Superannuation Guarantee threshold, meaning that employees who have earned less than this amount for the month are not eligible for employer superannuation. The default value is $450, which should apply to most employees; if a different threshold is required, it can be edited here.
Maximum Earnings Base This property is available for employer superannuations where the Contribution Type is set to "SG". It specifies the maximum limit on any individual employee's earnings base for each quarter of any financial year. The employer does not have to provide the SGC contributions on the part of earnings above this limit.
The SGC Maximum Earnings Base is only applied after 1 July 2011.
Name Enter a name for the superannuation contribution.
Superannuation Provider Select the superannuation provider to whom the contribution is paid. The providers available are sourced from the Superannuation Providers masterfile. Many superannuation contributions can be linked back to the same superannuation provider, to obtain a total for the "scheme" on the Superannuation Summary report.
Cost Centre The Cost Centre for each Superannuation Contribution will automatically default to the employee's own default Cost Centre. If you want to cost the Superannuation Contribution to a different cost centre, enter the Cost Centre number that you want this superannuation contribution to be costed to. This will override any employees' default Cost Centre.
Liabilities Superannuation contributions have an effect on other payment items, e.g. Salary Sacrifices to superannuation are included in Employer Contributions. This window gives you the flexibility to select the pay items this superannuation contribution is liable for.