Forum Discussion

Valy's avatar
Valy
Experienced User
12 months ago

Deduction Payroll Category - Loan to employee

Hello, 

 

We have purchased a Gearwrench to the value of 1700 Ex GST for an employee, this will be deducted from his fortnightly pay. I am in the process of setting up a new payroll category for the Employee's Tool Loan and I have a couple of questions:

  • Which ATO reporting category should I assign this to? The options are: Deduction - Union/Professional Assoc. Fees and Deduction - Work Place Giving. Unsure which I should use, can you please advise? or is this Not Reportable?
  • Regarding the entry of the tool purchase transaction, which account name should I use for this?  The tool is over $1000 and is an asset, however it is intended for the employee's use rather that the company's, should I allocate this purchase to the employee tool loan I'll be creating? 

Thanks for your help.

Val

2 Replies

  • Doreen_P's avatar
    Doreen_P
    MYOB Moderator
    12 months ago

    Hi Valy

     

    For specifics on which ATO reporting category to assign and the appropriate account name for the tool purchase transaction, it's best to consult with your accountant or financial advisor. They'll have the expertise to guide you based on your company's specific financial setup and reporting requirements. You can also check this link for more information.

     

    Best regards,

    Doreen

  • Valy's avatar
    Valy
    Experienced User
    12 months ago

    Hi Doreen,

     

    Thanks for the reply, I will consult with the accountant.

    Kind regards

    Val

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