Thank you for visiting our Partner Zone. This area is an exclusive space for MYOB Partners. Find out how to Partner with MYOB.
I have two staff members that have forfieted their last two wage bonus payments in lieu of using these funds to purchase company shares. How do I account for this in MYOB?
Welcome to the MYOB Community Forum, I hope you find it a wealth of helpful information.
I would treat them as Salary Sacrifice for employee purchase.
Here is the Support Note:
We have a staff member in this situation (salary increase but to have the same take home) and we were strongly advised not to go down the Salary Sacrifice route. The logic is that you need to purchase something rather than setting the money aside to purchase something. Notionally any share purchase and the changes that need to happen at ASIC is not going to happen for some time yet. . We have created a Loan Account where we will collect money until there is significant funds to make the change worthwhile.
Thanks so much - I think in the short term the Loan account is the best option for us too, as the actual purchase wil be down the track