How do I process an early access of super benefit using the new condition of release "Compassionate Ground - Coronavirus" for members affected by COVID-19?
Navigate to Fund Level > Transactions > Member Payments > Rollover/ Lump Sum Out
- Select Member under the Basic Details tab
- Enter Payment Date
- Select Compassionate Ground - Coronavirus for Condition of Release
Note that this condition of release "Compassionate Ground - Coronavirus" is only available if the lump sum Payment Date is between 20 April 2020 and 30 June 2021. Only one lump sum payment is allowed for each member for FY 2020 and FY 2021 respectively.
- Click the Payment Details tab
- Enter the Gross Payment Amount.
Note that Gross Payment Amount cannot exceed $10,000 and no PAYG Withholding amount should be generated.
- Confirm and Submit the event
- Print Lump Sum Reports button will now appear, so you can generate the standard request & confirmation letter, as well as the lump-sum payment minute/resolution.
Note for the member receives this lump sum payment, it is treated as non-assessable and none-exempt (NANE) income and hence the PAYG withholding and payment summary are not required.