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Michael_H's avatar
Michael_H
Experienced Cover User
6 years ago
Solved

Salary sacrifice into super - GL treatment

Hello everyone,   I have a few employees using salary sacrifice into super in a few of my MYOB entities. I appears that salary sacrifice into super, when setup in MYOB recommended way, treats salar...
  • CloudMindAcc's avatar
    CloudMindAcc
    6 years ago

    Hi Michael_H 

     

    ATO+reporting+categories+for+Single+Touch+Payroll+reporting#expand-Superannuation

    Reference in support note states:

    Did you previously report salary sacrifice amounts on payment summaries? You don't need to assign the Gross wages category to salary sacrifice amounts. When reporting payroll amounts using Single Touch Payroll, gross wage amounts are reduced automatically by deduction amounts that are marked as a before-tax deductions. This includes salary sacrifice superannuation deductions.

    Note that you assign the Reportable Employer Super Contributions (RESC) category to superannuation categories which handle 'reportable' superannuation payments (as classified by the ATO guidelines).

     

    Below is a report that will help you review the  Salary Sacrifice Transactions.   You could save as a customised report so you can just run each month/quarter (changing the dates)

     

     

Michael_H's avatar
Michael_H
Experienced Cover User

Hi CloudMindAcc 

 

Thanks, this report is a workaround as the amounts could be manually adjusted in GL thus reconciled with the reported amount. [I wish MYOB would have a bit more flexibility as many other systems.]

CloudMindAcc's avatar
CloudMindAcc
Ultimate Partner
6 years ago

Hi Michael_H glad I could help you.   Another option (if you don't already do this) is I reconcile the Superannuation Payable Liability G/L account quarterly or monthly back to zero in the bank reconcilation screen.  This will highlight if a user has posted a transaction directly to the G/L account and any discrepancies.