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How to record Pension Payments from the Transaction List


From the Main Toolbar, go to Accounting.

Select Transaction list


 

  1. From the Transaction List screen, select New Transaction. From the drop down list, select Bank Statement.

  2. Input the date, reference and Description..

  3. Under the Account heading, select the bank account from the Input Bank Account box. Next, search and select account 41600/MEMBERCODE

  4. Input the pension payment amount. SF360 will post a corresponding entry to the bank account fields on the screen.

  5. Select More + and you can review the member's minimum and maximum pension withdrawal amounts for the year. If PAYG withholding amounts need to be input, record it in the PAYG field.  

  6. After you have entered all information for the transaction, select Post to add the transaction and to return to the Transaction List screen, or select Post & Add Another to add the transaction to the Transaction List, but remain on the Bank Statement screen. 

Do I have to allocate the pension payment between member components ?


Transactions will simply need to be allocated to account 41600.

Simple Fund 360 will automatically reduce the Member's balance in the following order in accordance with Reg 6.22A of the SIS Regulations.

(a) first—to unrestricted non-preserved benefits;
(b) second—to restricted non-preserved benefits;
(c) third—to preserved benefits 

The Payment will be automatically allocated between the Taxable and Tax-Free components based on the Member's Tax-Free proportion. 

Calculation of the minimum Pensions Payment


You must pay a minimum amount each year to a member from their pension account.

 

Age is calculated as at the 1 July in the financial year in which the payment is made or the commencement day if that is the year in which the pension or commences.

Where the pension commences part way through the year, the minimum payment amount for the first year is calculated proportionately to the number of days remaining in the financial year, starting from the commencement day.

If the pension commences on or after 1 June, no minimum payment is required to be made for that financial year.

 

Age

Percentage of Account Balance*

2013-2014 Onwards

Under 654%
65 - 745%
75 - 796%
80 - 847%
85 - 899%
90 - 9411%
95 or more14%

Account balance' means one of the following:

  • the pension account balance on 1 July in the financial year in which the payment is made
  • if the pension commenced during the financial year – the balance on the commencement day
  • if the amount of the pension account balance is less than the withdrawal benefit that the member would be entitled to if the pension were to be fully commuted – the amount of the withdrawal benefit.

For more information check out the ATO website

Can I input a Credit entry to account 41600?


Simple Fund 360 will not accept a credit entry to the pension account 41600. If you have made an over payment in a prior transaction the adjustment will need to be made to the existing transaction. Use the Transaction Filter to locate the pension payments for the fund to change. 

What Reports and Dashboards can I use to check amounts?