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.
- Click File > Edit then Banking or
Click File > Company > Banking Information / FAST-Bank™
- Click Pay Run.
- Navigate to Holding Accounts for Gross PAYG and SG.
- Select Superannuation (SG).
- 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.
- BSB: Enter the BSB (Bank, State, Branch) for the Bank Account.
- Account Number: Enter the Bank Account Number.
- Account Name: Enter the name on the Bank Account.
- Reference: Enter the Reference to display on the Organisations Bank Statement.
- A/C Type: Enter S for Savings or T for Transaction.
- Click Save then Exit.