How to process the repayment of overpaid low income superannuation contribution (called "low income superannuation amount (LISA)" recovery payment) in Class.
ATO requests repayment from the superannuation fund for the overpaid low income superannuation contribution.
Refer to the ATO letter in the screenshot below as an example:
The money is withdrawn from the member's account and reduces the member balance. It can be processed as a member payment. However, this particular condition of release is not available in Class.
As Class does not have this particular condition of release available, the workaround is to process a Rollover/Lump Sum Out.
Navigate to Fund level > Transactions > Member Payments > Rollover/Lump Sum Out
- Select the relevant member
- Enter the payment date and description
- Select the condition of release as "Refund for Overpayment of Co-Contributions"
- Click on Payment Details tab
- Confirm the amount in "Gross Payment Amount"
Refer to Rollover/Lump Sum Out for further details.