FNSPAY512 - Process superannuation payments in payroll

Unit code: FNSPAY512 | Study level: TAFE
Nominal hours
30
Location
Footscray Nicholson
Prerequisites
N/A
Overview
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Overview

This unit describes the skills and knowledge required to process employee superannuation payments in payroll systems. This includes analysing and establishing parameters and systems for superannuation payments, preparing information, generating payments, and distributing and maintaining information about payments.
The unit applies to individuals who operate payroll systems and who, within their level of authority, use systematic approaches to prepare, calculate and verify superannuation payments, and ensure compliance with regulatory requirements.

Assessment

For Melbourne campuses

Assessment tasks will be designed to reinforce & extend knowledge and skill competence within set & controlled parameters in accordance with each unit's learning outcomes & 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:

  • process at least two superannuation payments in payroll.
    In the course of the above, the candidate must:
  • calculate superannuation payments based on ordinary-time earnings
  • analyse and establish procedures for handling employee superannuation information according to legislative and organisational obligations
  • interact with stakeholders and confirm the completeness and accuracy of information required to process superannuation payments.

Students will also be expected to demonstrate the following knowledge:

  • legislative requirements and organisational policies and procedures relating to calculating superannuation payments for employees
  • different types of superannuation funds and their features
  • different types of superannuation payments, including:
  • employer contributions
  • salary sacrifice to superannuation
  • employee after-tax contributions
  • defined benefits
  • government co-contribution
  • superannuation guarantee charge
  • eligibility requirements for employer superannuation contributions
  • process for calculating employee super payment, including using payroll system
  • 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 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
  • 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 Victoria University and/or via the Victoria University e-Learning system.

As part of a course

This unit is studied as part of the following course(s):

Payroll Administrator Skill Set
FNSSS00012 | Non-award course | Duration: 6 months

Refer to the course page for information on how to apply for the course. VU takes care to ensure the accuracy of this unit information, but reserves the right to change or withdraw courses offered at any time. Please check that unit information is current with the Student Contact Centre.

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