FNSPAY502 Process superannuation payments in payroll

Release: 1

FNSPAY502 Process superannuation payments in payroll

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 3.0.

Application

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.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.

Unit Sector

Payroll

Elements and Performance Criteria

ELEMENT	PERFORMANCE CRITERIA
Elements describe the essential outcomes.	Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Establish parameters and systems for superannuation payments	1.1 Establish and comply with procedures that ensure the confidentiality and security of employee payroll information 1.2 Establish default superannuation fund type in payroll system according to legislative and organisational requirements 1.3 Establish systems that ensure organisation meets its statutory obligations to employees with regard to superannuation payments
2. Collect and prepare information	2.1 Identify industrial awards, contracts and government legislation relevant to calculating superannuation payments 2.2 Gather employee data required to calculate superannuation payment from organisational sources 2.3 Consult with employee to confirm additional voluntary superannuation contributions or salary sacrifice arrangements, and include that information when calculating superannuation payment 2.4 Verify information with organisational sources and enter information into payroll system
3. Calculate and verify superannuation payments	3.1 Use payroll system to calculate employee superannuation payment 3.2 Verify superannuation payment is accurate and complies with legislative obligations and organisational policies and procedures 3.3 Generate superannuation payment in payroll system
4. Distribute and maintain information about superannuation payments	4.1 Prepare reports on superannuation payments and distribute according to organisational policies and procedures 4.2 Respond to employee and employer enquiries about superannuation payments according to organisational policies and procedures 4.3 Store records of employee superannuation payments according to legislative obligations and organisational policies and procedures

Foundation Skills

This section describes those language, literacy and numeracy and employment skills that are essential to performance.

Skill	Description
Reading	Identifies and interprets information from organisational policies, and legislative and industry-related material
Writing	Records data accurately using format, style and language appropriate to audience, purpose and context Prepares specific information that clearly conveys an understanding of outcomes, and uses appropriate terminology when presenting to designated personnel
Oral communication	Articulates information concisely using appropriate terminology, tone and style Uses questioning and listening techniques to exchange and clarify information
Numeracy	Uses a wide range of mathematical calculations to analyse and compare numerical information Makes calculations to ensure work is completed according to predetermined timeframes
Navigate the world of work	Develops and implements strategies that ensure organisational policies, procedures and regulatory requirements are met Monitors compliance with legal and regulatory responsibilities and organisational policies and procedures
Interact with others	Identifies and applies protocols governing what, how and with whom to communicate in a range of work contexts
Get the work done	Uses logical processes in planning, implementing, and evaluating routine and non-routine tasks in achieving goals and timelines Uses analytical skills to identify discrepancies and attempts to resolve the issues within scope of own responsibility Makes a range of critical and non-critical decisions in relatively complex situations, taking a range of factors into account Understands the importance of secure information and privacy in relation to own work, and takes responsibility for identifying and managing risk factors

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPAY502 Process superannuation payments in payroll	No previous unit.	New unit.	No equivalent unit.

Links

Companion volumes are available from VETNet. - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe