SGC

Superannuation Guarantee Contributions (SGC) is a Government initiative to ensure that all employees have an improved income on retirement where contributions are made to complying Superannuation funds on behalf of employees. It is compulsory for all Employers to make payments of Super Contributions to its employees' Superannuation Funds. This legislative requirement is known as the Super Guarantee.

This feature provides the facility in establishing the rules for calculating the SGC requirements, linking rules and calculations to individual employees. This also enables the generation of SGC transactions and SGC shortfall transactions, downloading Super Payments and reporting on SGC Payments.

 

Note: The Superannuation Guarantee Charge, which is different from Super Guarantee Contributions, refers to the penalty imposed by the Australian Taxation Office (ATO) if the correct Super is not paid on time. This Charge is not handled in Preceda.