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 Gross PAYG Holding Accounts retain?
The Gross PAYG Holding Account will retain ALL PAYG Amounts which include PAYG (Pay as you go Tax which applies to the current pay period once posted), HELP, SFSS and Additional Taxation amounts.
- Click File > Edit then Banking or
Click File > Company > Banking Information / FAST-Bank™
- Navigate to Holding Accounts for Gross PAYG and SG.
- Select Tax (PAYG).
- 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.