New Superannuation Contribution Frequencies (AU Only)

Description

The following new contribution frequencies from this release on, are supported for configuring superannuation contribution periods:

Weekly – creates contribution periods spanning 7 days
Fortnightly – creates contribution periods spanning 14 days
Bi-monthly – creates two contribution periods per calendar month, split on a specific day of each month (i.e. a split on the 15th day of each month creates two periods per calendar month, with the first period spanning from the 1st day of the month to the 15th day of the month and the second period spanning from the 16th day of the month to the last day of month).

Benefits

This enhancement supports reporting of accrued superannuation contributions where there is a requirement to pay contributions on a weekly, fortnightly or bi-monthly basis.

Configuration

Superannuation contribution periods are created via the Agency Portal > Payroll Australia > Maintenance > Superannuation > Contribution Payment Periods > Contribution Payment Period Maintenance > Contribution Payment Period Entry screen. To create a new contribution payment period with a contribution frequency of Weekly, Fortnightly or Bi-monthly, select the relevant frequency from the Contribution Frequency field on the Contribution Payment Period Entry screen, as shown below.

Click here to read more about superannuation contribution periods and contribution frequencies.