How do I handle salary sacrifice on payment summaries?The ATO require salary sacrifice payments to be excluded from Gross Payments. Because salary sacrifice payments in AccountRight are negative values, selecting them against Gross Payments in the payment summary process reduces the Gross Payments by the sacrificed amounts. This excludes them from being reported as part of Gross Payments (thus keeping the ATO happy). Salary sacrifice superannuation payments are typically considered Reportable Employer Superannuation Contributions, so they are also usually accounted for as such on payment summaries. For your specific circumstances, you should always seek clarification from the ATO or your accountant about how to handle salary sacrifice payments on your payment summaries. |