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OHAQSUP00102 - Define Superannuation Fund Details

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In this step, you enter:

• Default percentages for the employer and employee contributions

• The wage types used to calculate superannuation contributions

• The age at which an employee ceases to pay superannuation contributions

• If required, a flag denoting a SGC (superannuation guarantee charge) fund

You want to set up a non-SGC fund and pay a 3% company contribution for all employees. To do this, you specify the fund code, enter a default company contribution of 3%, and enter the wage types assigned to the superannuation fund.

You must configure the superannuation wage types in the section Superannuation Wage Types.

You must also set up the fund codes in the step Create superannuation funds.

The standard system contains model entries that you can use or copy.

The superannuation wage types contain the following amounts:

• Ordinary time earnings

The amount which the percentage calculation is based on.

• Wage and salary earnings

The amount used to determine if the employee has reached the minimum earnings level. This wage type assignment only applies to SGC funds.

• Deduction wage type

The amount the employee contributes.

• Contribution wage type

The amount the company contributes.

To set up your superannuation fund details, you:

1. Choose Edit -> New entries.
2. Enter the superannuation fund.
3. If required, flag the field SGC fund.
4. Make the entries required.

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Length: 2169 Date: 20240523 Time: 195305     sap01-206 ( 37 ms )