Superannuation

Superannuation Fund records store fund details including the allowances and deductions that employers and employees can use to make contributions. Employees are attached to superannuation fund and contribution rates employee entity level. Employees can be attached multiple superannuation funds. The end of month superannuation reports will group all superannuation contributions made for period by superannuation fund.
The following details are stored against the Superannuation Fund record:

Superannuation Fund Details
Superannuation Allowances
Superannuation Deductions

New Zealand:

Australia:

Kiwisaver (New Zealand unsafe-only)

KiwiSaver is a voluntary, work-based savings scheme to encourage New Zealanders to develop long- term savings habits and to accumulate assets. The Inland Revenue Department (IRD) administer the scheme through the PAYE tax system. The IRD forwards members' contributions to their KiwiSaver schemes to be invested on their behalf.

KiwiSaver was implemented from 1 July 2007. Employers need to maintain accurate details of KiwiSaver and complying funds in PayGlobal, and use the PayGlobal superannuation framework to record, maintain and calculate superannuation data and transactions for New Zealand employees.

The KiwiSaver scheme requires employers to provide superannuation options for their employees. Employers who provide an alternative scheme to KiwiSaver can become 'exempt' employers. Such employers can offer their schemes to new employees as an alternative to the KiwiSaver scheme. Employers can select a 'default' KiwiSaver scheme and opt to make additional contributions to those made by their employees.

Employers must automatically enroll new employees in a superannuation fund:

Non-exempt employers must enroll employees in a KiwiSaver scheme.
Exempt employers can enroll employees in their alternative scheme. New employees can opt out of the KiwiSaver scheme during a prescribed period.

Employers must also enroll any existing employees who opt in to a KiwiSaver scheme, if the employees meet the specified criteria.

Employees can:

Choose a scheme provider and elect a contribution rate.
Be in only one scheme at a time, but they can transfer from one KiwiSaver scheme to another.
Take a break from making KiwiSaver contributions after 12 months membership.

Employers must start deducting KiwiSaver contributions from a member's first pay, and they can also make contributions on behalf of the employee. All employer contributions to employee superannuation funds (except defined benefit funds) are liable for Employer Superannuation Contribution Tax (ESCT).

Employers must inform the IRD of new KiwiSaver members, opt-outs, contributions, and any other information relating to the scheme. Employers must pay KiwiSaver contributions to the IRD who forward them to the employees' scheme providers.