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How to enter death benefit details on an Eligible Termination Payment (ETP) (tutorial)

This tutorial demonstrates how to enter death benefit details on an Eligible Termination Payment (ETP) to comply with the ATO requirements. For further information on entering termination payments, refer to How to enter a Termination Payment (tutorial).

Before you begin

Australian Taxation Office (ATO) requires that you record beneficiary’s details when paying out a death benefit. You must record such details as beneficiary’s name, address and Tax File Number (TFN).

You may enter the termination payment either as a time sheet, or as an adjustment pay.

Entering death benefit details

To enter the death benefit details in a time sheet or adjustment pay screen:

  1. Set the Termination Pay check box to Yes and choose Term Pay (F5).
  2. Enter all ETP details and select the appropriate ETP Payment Type. The fields relating to the Payment of Death Benefit become available.
  3. Complete all the details of the beneficiary and choose Accept (F9).
  4. Complete the payment details, accept the payment and process it as usual.

 

REF: S0010 210116 3.2 SF 4418