Workers Compensation

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NancyK
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Australia
NancyK
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Workers Compensation

Hi,

I would like to know to which expense account to allocate Workers Comp premium payments to?

Should this be a Liability account? And should I be creating a journal entry as you do with Superannuation?

 

 

I would greatly appreciate advice.

 

Thank you!

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NancyK
3 Posts
Cover User
Australia
NancyK
Cover User

3Posts

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Workers Compensation

Hi,

I would like to know to which expense account to allocate Workers Comp premium payments to?

Should this be a Liability account? And should I be creating a journal entry as you do with Superannuation?

 

I would greatly appreciate advice.

 

Thank you!

Ultimate Partner ronatbas
4,128 Posts
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Australia
ronatbas
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Re: Workers Compensation

@NancyK

 

Is you are in South Australia, where the expense is recognised through Payroll, then you probably would need to use your process. For the rest of Australia it is a normal business expense.

Ron B
BAS Group
03 95588477

info@basgroup.com.au
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NancyK
3 Posts
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Australia
NancyK
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Re: Workers Compensation

Thank you very much for your response Ron, much appreciated!

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