Set up a Holding Account for Superannuation (SG)

What is a Holding Account for Gross PAYG and Superannuation (SG)?
A Holding Account is a bank account you have established specifically to transfer your Gross PAYG and Superannuation (SG) contributions as part of your FAST-Bank™ (.aba) file. This may be a “high” interest earning account with your Financial Institution.

What transactions does the Superannuation (SG) Holding Accounts retain?
The Superannuation (SG) Holding Account can be set to EITHER Employer SG Only (10.50%) or ALL Superannuation Contributions which includes Employer SG (10.50%), RESC (over 10.50%), Concessional (before Tax) and Non-Concessional (after Tax) contributions from Version 19.50.

1. Click File > Edit then Banking or
   Click File > Company > Banking Information / FAST-Bank™
2. Click Pay Run.
3. Navigate to Holding Accounts for Gross PAYG and SG.
   1. Select Superannuation (SG).
   2. Select EITHER Employer SG Only (10.50%) or ALL Superannuation Contributions which includes Employer SG (10.50%), RESC (over 10.50%), Before Tax After Tax contributions.
   3. BSB: Enter the BSB (Bank, State, Branch) for the Bank Account.
   4. Account Number: Enter the Bank Account Number.
   5. Account Name: Enter the name on the Bank Account.
   6. Reference: Enter the Reference to display on the Organisations Bank Statement.
   7. A/C Type: Enter S for Savings or T for Transaction.
4. Click Save then Exit.