Superannuation

Overview

There are 3 reportable amount for Superannuation:

1. Superannuation Liability (aka SG) – contribution payable by a payer for the benefit of a payee as mandated by super guarantee legislation
2. Ordinary Time Earnings (OTE) –the total of amounts paid to a payee that constitute their OTE for superannuation guarantee purposes
3. Reportable Employer Superannuation Contribution (RESC) – additional, optional (not legislated or mandated by industrial, legislative or business policy instruments) employer super contributions made on behalf of the employee, that have been influenced by the employee, such as for an effective Salary Sacrifice arrangement for super contributions to a complying super fund, amounts in excess of the maximum contribution base and other super co-contributions. Matching contributions under individual contracts are RESC because the employee was able to directly influence the terms of the agreement

SG

SG is derived from the allowance records linked to Employer(%) and Employer ($) fields on your Superannuation fund records, see below.

You can only populate these fields with allowances that have the following settings:

• Allowance type = "Z - Employer Super"
• Salary Sacrifice = "No"
• Superannuation Allowance = "Yes"

  IMPORTANT: On the 1st January 2020, the Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019 changed the law to ensure that an individual’s superannuation salary sacrifice contributions cannot be used to reduce OTE or count towards a payer’s minimum superannuation guarantee contributions, if the pre-sacrifice payment was salary or wages for superannuation guarantee purposes.

In other words, no Superannuation Fund records should be using these fields anymore.

OTE

OTE is derived from allowance transaction field Total Amount from all Allowance records with Use in Super OTE = "Yes".

RESC

RESC is derived from the allowance and/or deduction transaction field RESC.

Note: This field is only visible in Transaction View if the allowance/deduction is linked to the "Additional Employer" or "Salary Sacrifice RESC" fields

Topic: 44817