Hello everyone,
I need to pay directors fees in Accountright plus and have never done this before. Could someone please help me with a step by step process for this? Thank you
What would the tax code be if you're setting this up as a new expense account? Also, what would you put as the card name when you go to enter the spend money transaction?
Hi @JennyS76
Don't forget to mark them as a closely held employee if the Accountant is wanting them paid via payroll with tax taken out.
This can be found in the tax section, instead of salary and wages choose closely held payee for the income type.
Thank you
Check with the Tax Accountant if they want the director set up as an employee and have tax withheld, or if it is just to be done as a spend money transaction and allocted to a new expense account called Director's fees, prior to doing anything.
Hi @JennySharp,
You would need to set up the director as an employee, add a payroll category for director fees, and run payroll as usual. With STP Phase 2, there's now an ATO reporting category for Director's fees, so those payments get flagged to the ATO as such. Check these help articles below that will guide you through the process.
Add an employee
Payroll categories
Assign ATO reporting categories
Cheers,
Shella
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