Overview
You can now prepare and directly lodge the following PAYG Payment Summaries to the ATO from Simple Fund 360.
- PAYG payment summary – Superannuation Income Stream
- PAYG payment summary – Superannuation Lump Sum
Pre-Requisites
1. Ensure you have set up a lodging party in Simple Fund 360.
- Confirm the funds that will be proceeding with lodgments are attached against the lodging party.
- Ensure you have recorded the lodging party's email, phone number, and address against the Contact.
2. Ensure you have nominated and authorised BGL with the ATO for SBR Lodgment.
If you are already using SF360 for Annual Return lodgement, this would have been set up already. However, we would still recommend you to confirm the setup, prior to lodging PAYG payment summaries.
3. Ensure you have finalised your transactions for the financial year-end. Confirming all lump sum payments are processed and matched.
4. Ensure you have recorded the Fund ABN and Fund Address in Fund Details.
5. Ensure you have attached the Trustee(s) in Fund Relationships.
6. Ensure you have recorded the Member's TFN and Address against the Contact.
| From the Main Toolbar navigate to the Compliance menu. | |
| Select PAYG Payment Summary. |
1. Select the Financial Year. The current financial year will be selected by default.
2. Select the Super Lump Sum Payments tab.
Displayed will be the lump payments made against the 46000 - Benefits Paid/Transfers Out account (where the below conditions are met) and their corresponding PAYG Payment Summary - Superannuation Lump Sum form (Note: this form cannot be lodged with the ATO.)
Lump-Sum payments with the following payment types will populate under this tab:
- All Cashing Out / Benefits Paid payments.
- All Contributions Splitting for a Spouse payments.
- All Non-dependant or Trustee Death Benefit payments.
- All First Home Super Saver Scheme Withdrawals payments.
- All Transferring from one Super Fund to another payments.
- All Early access to super* payments, AND where the special condition of release is:
- Compassionate Grounds
- Severe Financial Hardships
- Temporary Incapacity
- Permanent Incapacity
For more information, visit ATO: PAYG withholding obligations
Recording Lump Sum Payments
Lump Sum payments may be manually processed (excluding SuperStream standards), or automatically processed via SuperStream.
Refer to: SuperStream Rollovers: How to process a fund Roll Out using Simple Fund 360.
| States that the transaction is a Death Benefit Payment. | |
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Print PDF: Preview and download the PAYG payment summary - superannuation lump sum, that will be pre-filled based on the data within the fund. Note* this form cannot be lodged with the ATO. |
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All Reports: Select the downward besides the pdf icon to download the relevant reports for the transaction. This can include the:
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Refresh: Click Refresh, to manually update the data if the original transactions has been modified or deleted. |
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Mark as Lodged: Select Mark as Lodged if the PAYG payment summary has been manually lodged. Note* this option will appear when clicking the checkbox to the left of the transactions. To undo this, select |
It is best practice to make changes before the lodgment of the "PAYG Payment Summary - Superannuation Lump Sum". This will ensure the transactions processed in Simple Fund 360 will agree with the actual lodgment to the ATO.
1. In the PAYG Payment Summary Dashboard, click the checkbox to the left of the transactions to include in the review.
Alternatively, Select all available forms
2. Select Review and Lodge
3. Under the Lump Sum Payment: Review screen, select to make changes to the tax components per entry. Select
to confirm changes, or
to cancel.
Note:
1. The Amount Column displays amounts to be reconciled with your transactions as per Simple Fund 360's ledger and will not be sent to the ATO.
2. Adjustments made in this screen will not change the original transactions recorded under the Transaction List.
4. Once the review is complete, select Review and Continue
Alternatively, select to return to the PAYG Payment Summary Dashboard.
Once the review is completed users will be taken to the Lump Sum Payment: Validation screen and will be able to:
| Generate the Lodgement Declaration which is required when the PAYG Payment Summary is being lodged electronically. | |
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Print PDF: Preview and download the PAYG payment summary - superannuation lump sum, that will be pre-filled based on the data within the fund. Note* this form cannot be lodged with the ATO. |
1. Click the checkbox to the left of the transactions to include in the validation.
2. Select to prepare the PAYG Payment Summary for lodgement.
Where the validation has failed, select to view a report of the error codes and what actions are required to rectify. For a full list of the ATO Validation Error Messages, click here.
Proceed to update the fund in accordance with the report. Once the relevant changes have been made, head back to the Lump Sum Payment: Validation screen at any point in time to process the validation again.
3. Where the validation has passed, select to proceed with lodgment.
Alternatively, select to review transactions in the previous step or select
to return to the PAYG Payment Summary Dashboard.
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All validated PAYG payment summaries can be accessed at any time under the Awaiting Lodgment button from the PAYG Payment Summary Dashboard. |
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Navigate to Connect | Lodgement to locate all validated forms across all entities. |
Once the validation is completed users will be taken to the Lump Sum Payment: Lodgement screen and will be able to:
| Generate the Lodgement Declaration which is required when the PAYG Payment Summary is being lodged electronically. |
1. Click the checkbox to the left of the transactions to include in the lodgment.
2. Select to lodge the PAYG Payment Summaries to the ATO.
Alternatively, select to validate transactions in the previous step or select
to return to the PAYG Payment Summary Dashboard.
3. Once the PAYG Payment Summary data has been lodged electronically, select to head back to PAYG Payment Summary Dashboard. Print a copy to give to the member taxpayer at the end of the financial year. This information will be required by the member to complete their Individual Tax Return.
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All validated PAYG payment summaries can be accessed and lodged at any time under the Awaiting Lodgment button from the PAYG Payment Summary Dashboard. |
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Navigate to Connect | Lodgement to locate all lodged forms across all entities. |
Printing Reports
| From the Main Toolbar navigate to the Compliance menu. | |
| Select PAYG Payment Summary. |
Select Print.
The PAYG Summary Report Settings will appear:
| Form Type | Select Lump Sum. |
| Status |
Print the report detailing transactions based on the following statuses:
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| Financial Year | Print the report based on the Financial Year. |
| Member(s) | Print the report detailing transactions under a particular member. |
Use the reports as the reference to review the details pre-filled in the PAYG Payment Summary Dashboard and make changes where necessary.
Frequently Asked Questions
1. When processing lump sum payment summaries, why are the tax-free and taxed elements blank when the components are recorded in the more details panel of the 46000 account?
It is not mandatory to report the tax-free components in the PAYG Payment Summary - Superannuation Lump Sum.
Regarding the taxed element, as this is not required for individuals when they have turned 60, the system will not generate the PAYG Payment Summary (Lump Sum) for the individual in the PAYG Payment summary dashboard. However, it is required to show the untaxed element in all cases, so the PAYG Payment Summary (Lump Sum) will display in the dashboard. If the PAYG Payment Summary (Lump Sum) needs to be generated for an individual over 60, re-saving the 46000 transaction by saving and preparing documents will allow for the PAYG Payment Summary (Lump Sum) to be accessed.
Please refer to the following help article for more information: ATO: PAYG Payment Summary - Superannuation Lump Sum (Section B - Payment Details)
*Simple Fund 360 provides an option to manually add the tax components in the PAYG Payment Summary – Lump Sum Payment. Please refer to step 3 under Review PAYG Payment Summaries above in how to add the tax components.