This article covers the recommended steps to prepare a "PAYG Payment Summary - Superannuation Lump Sum" in Class.
- Set up Class for SBR lodgement. Refer to our User Guide for instructions on Setting up SBR Lodgment for Tax Agent
- Ensure all processing in the fund is up to date for the relevant financial year.
- Ensure all lump sum payments, including any PAYG withheld, are processed and matched to cash or the relevant in specie business events
- Process and lodge any outstanding activity statements, particularly those containing PAYG withheld information
- Print the "PAYG Payment Summary - Superannuation Lump Sum" report through Rollover / Lump Sum event or Partial Commutation event
- Use the "PAYG Payment Summary - Superannuation Lump Sum" report as the reference to review the details pre-filled in the Lodgment list - make changes where necessary
- Lodge the "PAYG Payment Summary - Superannuation Lump Sum" data electronically
- Print a copy to give to the member taxpayer - the members need to file it as part of their Individual Tax Return
It is best practice to make changes in the Rollover / Lump Sum or Partial Commutation (Lump Sum) events before the lodgment of the PAYG Payment Summary - Super Lump Sum data summary details. This will ensure the events processed in Class will always agree with the actual lodgment to the ATO.
For each lump sum or partial commutation event processed in Class that meet the PAYG withholding prerequisite, you would need to produce and lodge each PAYG Payment Summary - Super Lump Sum separately.