COURSE OVERVIEW:
Welcome to the course on Process Superannuation Payments in Payroll. This course is designed to provide payroll professionals with the knowledge and practical skills necessary to manage superannuation payments accurately and in compliance with Australian legislation.
We begin with an introduction to the Australian superannuation system, offering an overview of how it operates and its significance in ensuring financial security for employees in their retirement years.
Understanding Australian legislative requirements is crucial for processing superannuation payments. This section will cover the relevant laws and organisational policies that govern superannuation payments, ensuring compliance and accuracy in payroll operations.
Superannuation funds come in various types, each with unique features. We will explore the different types of superannuation funds available in Australia, helping you understand the options available for employees and employers.
There are several types of super payments, including employer contributions, salary sacrifice to superannuation, employee after-tax contributions, defined benefits, government co-contributions, and the superannuation guarantee charge. We will examine each type in detail, discussing their characteristics and requirements.
Eligibility and calculations are fundamental aspects of superannuation processing. This section will cover the requirements and methods for calculating superannuation, ensuring that all contributions are accurately determined.
Ordinary Time Earnings (OTE) form the basis for calculating superannuation contributions. We will discuss the pay items included in OTE and how they impact superannuation calculations.
Contribution caps are an essential consideration in superannuation. We will explain the differences between concessional and non-concessional contributions, ensuring you understand the limits and implications for superannuation contributions.
Salary sacrifice guidelines are vital for effective superannuation management. This section will cover how to implement and manage salary sacrifice agreements, ensuring they are beneficial for both employees and employers.
Employment contracts can significantly impact superannuation obligations. We will explore how different contract terms affect superannuation and what payroll professionals need to consider to meet these obligations.
Non-compliance with superannuation obligations can have serious consequences. We will discuss the potential repercussions of failing to meet superannuation requirements and the importance of maintaining compliance.
Setting up super systems in the payroll process is critical for efficiency and accuracy. This section will cover procedures to ensure the confidentiality and security of payroll information, setting up default superannuation funds, and configuring data to meet statutory obligations.
Gathering accurate information is essential for calculating superannuation payments. We will cover how to identify relevant awards, contracts, and legislation, gather necessary employee data, confirm voluntary contributions and salary sacrifice arrangements, and verify and enter this information into the payroll system.
Computing payments accurately is a core task in superannuation management. This section will teach you how to use the payroll system to calculate super payments, verify compliance with laws and policies, and generate superannuation payments within the system.
Distributing information effectively ensures transparency and clarity. We will discuss how to prepare and distribute superannuation payment reports, handle enquiries from employees and employers, and maintain records according to legal and organisational requirements.
By the end of this course, you will have a thorough understanding of how to process superannuation payments in payroll, ensuring compliance with Australian laws and standards, and effectively managing all aspects of superannuation contributions for your organisation.
This course is designed to align with the content outlined in the Nationally Recognised Unit of Competency FNSPAY512.
LEARNING OUTCOMES:
By the end of this course, you will be able to understand the following topics:
1. Introduction to the Australian Superannuation System
2. Australian Legislative Requirements
· Laws and organisational policies for superannuation payments.
3. Superannuation Funds
· Types and features of superannuation funds.
4. Types of Super Payments
· Employer contributions
· Salary sacrifice to superannuation
· Employee after-tax contributions
· Defined benefits
· Government co-contribution
· Superannuation guarantee charge
5. Eligibility and Calculations
· Requirements and methods for calculating superannuation.
6. Ordinary Time Earnings
· Pay items included in ordinary time earnings.
7. Contribution Caps
· Differences between concessional and non-concessional contributions.
8. Salary Sacrifice Guidelines
· Implementing effective salary sacrifice agreements.
9. Employment Contracts Impact
· Impact of employment contracts on superannuation obligations.
10. Non-Compliance Consequences
· Consequences of failing to meet superannuation obligations.
11. Setup Super Systems
· Procedures to ensure confidentiality and security of payroll information.
· Set up default superannuation fund in the payroll system.
· Input and configure data to meet statutory obligations.
12. Gather Information
· Identify awards, contracts, and legislation for calculations.
· Gather necessary employee data for super calculations.
· Confirm voluntary contributions and salary sacrifice arrangements.
· Verify information and enter it into the payroll system.
13. Compute Payments
· Use payroll system to calculate super payments.
· Verify payments comply with laws and policies.
· Generate superannuation payments in the system.
14. Distribute Info
· Prepare and distribute superannuation payment reports.
· Handle employee and employer enquiries about super payments.
· Maintain records according to laws and policies.
COURSE DURATION:
The typical duration of this course is approximately 2-3 hours to complete. Your enrolment is Valid for 12 Months. Start anytime and study at your own pace.
COURSE REQUIREMENTS:
You must have access to a computer or any mobile device with Adobe Acrobat Reader (free PDF Viewer) installed, to complete this course.
COURSE DELIVERY:
Purchase and download course content.
ASSESSMENT:
A simple 10-question true or false quiz with Unlimited Submission Attempts.
CERTIFICATION:
Upon course completion, you will receive a customised digital “Certificate of Completion”.