What is superannuation fund in SAP PY-NZ - New Zealand?

SAP Term: superannuation fund

• Component: PY-NZ

• Component Name: New Zealand

• Description: Investment vehicle to which employer and employee contribute for the employee's retirement. The contributions are calculated on the basis of the employee's superable earnings. This is valid for Payroll

Smart SAP Assistant

• Key Concepts: 
  A superannuation fund is a type of retirement savings plan in New Zealand. It is a trust fund that is set up to provide retirement benefits to employees. The employer contributes to the fund on behalf of the employee, and the employee can also make voluntary contributions. The funds are managed by a trustee, who is responsible for investing the funds and ensuring that they are used for the benefit of the employee. 
  
  How to use it: 
  In SAP, the PY-NZ New Zealand component allows employers to manage their superannuation funds. Employers can set up and manage their superannuation funds in SAP, including setting up contributions, managing investments, and tracking payments. Employees can also view their superannuation fund information in SAP. 
  
  Tips & Tricks: 
  When setting up a superannuation fund in SAP, it is important to ensure that all of the necessary information is entered correctly. This includes the name of the fund, the trustee, and any other relevant information. It is also important to ensure that all contributions are made on time and that all payments are tracked accurately. 
  
  Related Information: 
  For more information about setting up and managing superannuation funds in SAP, please refer to the PY-NZ New Zealand documentation. Additionally, you can find more information about superannuation funds in New Zealand on the Inland Revenue website.