Holding Accounts Explained
Jul 12, 2023
975
🎯 The Holding Accounts Accordion is used to define the Holding Banking Details for PAYGW and Superannuation, which is typically a high-interest savings account, to be paid via FAST-Bank.
Holding Account allows you to select between Pay As You Go Withholding (PAYGW) and Superannuation (SG) and set unique Holding Account Details.
BSB allows you the enter the Bank, State, Branch (BSB) Code for the required bank account.
Account Number allows you the enter the Account Number for the required bank account.
Account Name allows you the enter the Account Name for the required bank account.
Reference allows you to update the Reference displayed for your Bank Statement. By default, this is set to either Pay As You Go Withholding or Superannuation; however, it may be updated as your financial institution requires.
When Superannuation (SG) is selected, you have the ability to select between
- All Superannuation Contributions includes all contribution types (Employer SG, RESC, Salary Sacrifice and After Tax)
- Employer SG only includes the Employer SG component. RESC, Salary Sacrifice and After Tax are not included.
