The below explains how to setup a Contribution Rate Rule for additional employer contributions that need to be reported as RESC and apply it to the Payee record.
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Where employer super contributions exceed the mandatory amount required to be paid under the superannuation guarantee contributions (SGC) scheme or under an applicable industrial award or agreement, the extra amount is called reportable employer super contributions (RESC) and are reportable on the employee’s payment summary. |
Step-by-step guide
This example is based on an additional 2.5% employer contribution.
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- Log into FastTrack360
- Go to Payroll > Payroll > Maintenance > Superannuation > Contribution Rate Rules
- Click the + symbol to add a new Rate Rule. Enter the following:
- Name - must be unique
- Week Ending Day
- Tick the RESC tick-box
- If you want the contribution rate rule to be available for use as soon as it is saved, change Status to Released
- Click the + symbol to add a Validity Period
- Enter a Validity Start Date
- Click the Pencil symbol to open the Superannuation Contribution Rate screen. Enter the following:
- Contribution Basis
- Percentage Value & Pay Code Group for % Calculation - doesn't apply if Contribution Basis is set to Fixed
- Fixed Value, Fixed Per & Pay Code Group to Define Period (for fixed) - doesn't apply if Contribution Basis is set to Percentage
- Cap Fixed at & Cap Per - doesn't apply if Fixed Per is set to Pay Period
- Click OK > Click Save
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- In Payroll, click Payee
- Search for relevant Payee and open record
- If a new Validity date is required, on Payee Details tab, enter date in Add Validity and click + symbol
- Click Superannuation Details tab
- Click the + symbol to add a new Fund
- Search for the relevant Fund and click OK
- Complete Policy/Member Number and Registration Date
- In Rate Rule, select RESC rule created in Part One
- If required, tick Agreement Default
- Click Save
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