payroll superannuation superannuation overview
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payroll superannuation superannuation overview

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Superannuation Process Overview

Overview

Note: You have to set up new users in the superannuation clearing house you use for your organisation.

1 Create superannuation funds - note include their USI number. Create Superannuation Fund
2 Mark one superannuation fund as the “clearing house” Create Clearing House Superannuation Fund
3 Self Funded Superannuation Funds - use the Fund’s ABN number as they won’t have a USI Create Self Funded Superannuation Fund
4 Link employees to their super fund Link Employee to their Superfund
5 At the end of each pay period, create a superannuation file of the amounts payable and reconcile the Superannuation Balance Sheet accounts Superannuation Reconciliation/Payments
6 Approve the superannuation file - this will create a supplier invoice for the Clearing House and a file for export . Note: the file will not be created if there are missing USI numbers refer to Superannuation Reconciliation/Payments
7 Create a payment for the super clearing fund supplier invoice refer to Superannuation Reconciliation/Payments
8 Export the superannuation file to the clearing house Superannuation Reconciliation/Payments

If you have been not been using the above process to pay employee's superannuation, there would be unreported (outstanding _superannuation transactions. You have the option to archive these transactions and create a file for the current period's transactions. Refer to Unreported Superannuation

The additional information related to superannuation is available:

1 Capped Superannuation Capped Super
2 Reportable super is 100% of your income Reportable Super - Zero taxable income
3 Super salary sacrifice Super Salary Sacrifice
4 Reportable super plus PAYG payable PAYG Income plus Reportable Superannuation
5 When the superannuation percentage is updated Update Superannuation Rate for 2021-22 Financial Year

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