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https://help.myob.com/wiki/x/tBKy
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You can set up salary sacrifice payments for employees who want to make additional superannuation contributions each pay. These payments are on top of the compulsory superannuation payments you make on their behalf.
The amount being sacrificed each pay will be either:
- a fixed % of the employee's pay, or
- a fixed $ amount.
Here are the basic steps for setting up a salary sacrifice superannuation category. For more details see Superannuation.
- Go to the Payroll command centre and click Payroll Categories.
- Click the Superannuation tab.
Click the zoom arrow to open the Salary Sacrifice category.
If this category doesn't exist, click New to create it.You can include additional information in the category name to make it easier to identify, for example Salary Sacrifice 10% - Alan Long.
Select the applicable Linked Payable Account.
- For the Contribution Type, select Salary Sacrifice (deduction).
Set the Calculation Basis.
If the salary sacrifice is for do this a fixed % Select the first Equals option and specify the Percentage of Gross Wages to be sacrificed.
Example:
a fixed $ amount Select the second Equals option and specify the Dollars per Pay Period to be sacrificed.
Example:
Click Employee and select the employee who's sacrificing these payments.
Exempting wage categories (fixed % only)
If you're setting up a fixed % salary sacrifice and there are wage categories you want to exempt from the salary sacrifice calculation, for example overtime, click Exempt and select these categories. Check with your accounting advisor or the ATO for clarification.
- Click OK to save the salary sacrifice category.
The salary sacrifice will now be included in the employee's pay. Here's an example where $100 is being sacrificed on a pay:
FAQs
Let's say Steve wants to salary sacrifice 10% of his pay, but Rachael only wants to sacrifice 8%.
Easy. Just follow the steps above to set up separate salary sacrifice superannuation categories for each employee.
Adrian wants to salary sacrifice $100, but Fotini wants to sacrifice $150.
Here's how to do it:
- Set up the salary sacrifice superannuation category with the Calculation Basis set to User - Entered Amount per Pay Period.
- Open the employee's card and click the Payroll Details tab.
- Click Standard Pay and specify the amount of super to be deducted for this employee next to the Salary Sacrifice category. Remember to enter this as a negative value. Here's an example:
- Click OK.
- Repeat steps 2 - 4 for each employee who wants to salary sacrifice a different amount.
Salary sacrifice payroll categories are typically selected against the Gross Payments field in the Payment Summary Assistant. Because salary sacrifice payments are negative values, selecting them here excludes them from being reported as part of Gross Payments.
Salary sacrifice superannuation payments are typically considered Reportable Employer Superannuation Contributions, so they are 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.
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