Super on Retired Employee

Kathyd
Kathyd Member Posts: 95 Reckoner Reckoner
in Accounts Hosted

Hi

Thi is not really a Reckon question but I would appreacite some mentoring in this space.

We paid super to the Super Clearing house after an employee has retired and the funds have now been returned. I have deposited back to the Liability. How do I handle these returned funds ? Do I pay the Super direct to the employee ?

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  • Acctd4
    Acctd4 Accredited Partner Posts: 3,697 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert

    Hi Kathy

    No - they still have to be paid into an eligible fund. It's likely the employee has maybe closed this account & that's why the funds were returned to you.

    Either contact the employee to obtain alternate eligible Super fund details or pay it into your default fund, setting this employee up with a new member account if required (silly I know, but that's the rules 🙄)

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)

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