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
- Payment Date is prefilled based on the cash out transaction date
- Select Compassionate Ground - Coronavirus for Condition of Release
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. A warning will be given if there are multiple lump sum payments processed for FY 2020 and FY 2021 with this condition of release selected.
- Click the Payment Details tab
- Review the Gross Payment Amount
The 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.
For the member who receives this lump sum payment, it is treated as non-assessable and non-exempt (NANE) income and hence the PAYG withholding and payment summary are not required.