FNSPAY502 - Process superannuation payments in payroll

Unit code: FNSPAY502 | Study level: TAFE

Credit points

N/A

Location

Footscray Nicholson

Prerequisites

N/A

Overview

This unit describes the skills and knowledge required to process employee superannuation payments in payroll systems. It applies to individuals who, within their level of authority, use specialised knowledge, systematic approaches and analytical techniques to prepare data, calculate and verify superannuation payments, and ensure compliance with regulatory requirements using established payroll systems.

Assessment

For Melbourne campuses

Assessment tasks will be designed to reinforce and extend knowledge and skill competence within set and controlled parameters in accordance with each unit’s learning outcomes and performance criteria requirements, including the setting of work based practical application tasks designed to provide evidence of competence outcomes, within periodic and scheduled timelines.

Students will be expected to demonstrate the following required skills:

establish procedures to ensure employee superannuation information is handled according to legislative and organisational obligations;
collect information required to process superannuation payments in a payroll system;
interact with stakeholders to ensure completeness and accuracy of information required to process superannuation payments;
calculate superannuation payments using a payroll system based on ordinary time earnings;
calculate reportable superannuation payments for inclusion in employee payment summaries, and;
prepare, produce, distribute and store reports on superannuation payments according to organisational and legislative requirements.

Students will also be expected to demonstrate the following knowledge:

key legislation and organisational policies and procedures relating to calculating superannuation payments for employees;
key features of different types of superannuation funds;
different types of superannuation payments, including: employer contributions; salary sacrifice to superannuation; employee after-tax contributions; defined benefits; government co-contribution and superannuation guarantee charge;
eligibility requirements in relation to employer superannuation contributions;
pay items that are included in ordinary time earnings;
consequences of not reaching the maximum contributions earnings base for the quarter;
difference between concessional and non-concessional contributions and the impact on an employee of exceeding the concessional superannuation cap;
guidelines for implementing an effective salary sacrifice agreement for superannuation;
effect of various forms of salary packaging on the employer requirement to meet employer superannuation contribution obligations;
impact of different types of employment contracts, legal entities and business structures on an employer’s superannuation payment obligations to its employees, and;
consequences for an organisation of failing to comply with its superannuation payment obligations to employees.

Required reading

The qualified trainer and assessor will provide teaching and learning materials as required in the form of workbooks produced by the Polytechnic and/or via the Polytechnic e-learning system.