Superannuation calculated on wrong wage category

AdditionalBook

Hi

 

A new client has been incorrectly calculating and paying superannuation on two employee's overtime for the last 12 months. 

 

After identifying this, they contacted the relevant superfunds and have successfully obtained a refund on the overpaid amounts.  

 

Now they have received the two refunds, what is the best way to enter this back into MYOB?

 

I was thinking I would need to do a zero payroll for the applicable period and in the Pay Employee screen under the Employer Expenses, enter a negative amount next to Superannuation expense field which will automatically put a positive value in Superannuation Payable liability field.

 

Is that the appropriate/correct way to do this?  And is this an STP reportable transaction (I think it is but I'm getting pressure to not a they're worried it will trigger some sort of audit from the ATO).

 

Thank you

 

Princess_R

Hi @AdditionalBook,

 

Thank you for your post.

 

Your proposed approach of using zero payroll for the applicable period and entering a negative amount in the superannuation expense field under Employer Expenses is a reasonable way to adjust for the overpaid superannuation. However, it's always advisable to check with the ATO or consult with an accountant to ensure compliance with current regulations.

 

I'll provide you with this Help article: Checking and Adjusting Superannuation, which has detailed information on handling overpaid superannuation payments.

 

Feel free to reach out if you have any further questions or if there's anything else I can assist you with.

 

If my response has answered your question, please click on "Accept as Solution" to help other users find this information.

 

Cheers,

Princess