Certain income streams are required to have PAYG amounts withheld when pension payments are recorded. When inputting pension amounts, PAYG amounts can be input in the More Details Panel.
At this stage, Simple Fund 360 cannot automatically calculate the PAYG amounts. When inputting the pension payment, the amount will need to be input and calculated manually. For more information on determining whether a member is required to withhold PAYG and how to determine the PAYG amount, refer to the ATO website.
|From the Main Toolbar, go to Accounting.||
|Select Transaction list||
- From the Transaction List screen, select New Transaction. From the drop-down list, select Bank Statement.
- Input the date, reference and Description.
- Under the Account heading, select the bank account from the Input Bank Account box. Next, search and select account 41600/MEMBERCODE.
- Input the pension payment amount. Simple Fund 360 will post a corresponding entry to the bank account fields on the screen.
Select More + and you can review the member's minimum and maximum pension withdrawal amounts for the year. If PAYG withholding amounts need to be input, record it in the PAYG field.
Note: the amount of $319 in the above example will be posted as a Credit to account 86000 PAYG Payable.
- After you have entered all information for the transaction, select Post to add the transaction and to return to the Transaction List screen, or select Post & Add Another to add the transaction to the Transaction List, but remain on the Bank Statement screen.