How do I produce a PAYG summary to be given to the beneficiary of a Death Benefit payment to help them complete their individual tax return?
How do I record PAYG amounts in a Death Benefit payment?
When posting a lump sum payment transaction to process a Death Benefit payment, Simple Fund 360 will generate two Payment Forms:
- Lump Sum Prepayment Form
- PAYG Payment Summary
The PAYG Payment Summary form generated by Simple Fund 360 cannot be lodged with the ATO or given to fund members/beneficiaries.
However, it can be used to help manually complete the ATO's PAYG payment summary - Superannuation lump sum form (NAT 70947) which can be lodged with the ATO or given to fund members/beneficiaries.
PAYG in Death Benefit Payment
PAYG amounts in a Death Benefit Payment are entered in the Tax Withheld box in the Rollover Payment Details screen when posting to account 46000/MemberCode