Fund Details Explained

Fund Details Explained (Payee Master File)

Brett Reed

Jan 15, 2024

531

🎯 Fund Details is the second section within Superannuation Rules and Fund Details, and allows you to define the relevant Superannuation Funds for the Payee depending on the type of payment (Mandatory Employer, RESC and Personal Super)

🎯 Employer Superannuation Guarantee Contributions is used to define the Superannuation Fund, Member Number and % or $ amount that the mandatory employer superannuation contributions are paid to on behalf of the Payee.

Superannuation Fund displays the Payees selected Superannuation Fund.

Member Number stores the Payee's Unique Identifier for the Superannuation Fund.

$ or % is presently set to % and 11.00 per How much super to pay,

🎯 Reportable Employer Superannuation Contributions (RESC) defines the Superannuation Fund, Member Number and % or $ amount that reportable employer superannuation contributions are paid to on behalf of the Payee.

🎯 This specifically relates to circumstances where the payee receives additional contributions as part of an employee's individual salary package (which equates to more than the Mandatory Employer Superannuation Amount, which is presently 11.00%.

Use Employer Superannuation Guarantee Contribution Details? Copies the Superannuation Fund and Member Number from Employer Superannuation Guarantee Contributions into the same fields in Reportable Employer Superannuation Contributions (RESC). These fields are then locked so that accidental changes cannot be made.

Superannuation Fund displays the Payees selected Superannuation Fund.

Member Number stores the Payee's Unique Identifier for the Superannuation Fund.

$ or % stores the percentage of RESC that will accrue on Ordinary Time Earnings, or the set dollar value they are entitled to each pay period.

🎯 Personal Superannuation Contributions is used to define the Superannuation Fund and Member Number that Salary Sacrifice (to Super Fund, OTE) and After Tax Superannuation Contributions are paid to on behalf of the Payee.

Use Employer Superannuation Guarantee Contribution Details? Copies the Superannuation Fund and Member Number from Employer Superannuation Guarantee Contributions into the same fields in Personal Superannuation Contributions. These fields are then locked so that accidental changes cannot be made.

Superannuation Fund displays the Payees selected Superannuation Fund.

Member Number stores the Payee's Unique Identifier for the Superannuation Fund.