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KylieD's avatar
KylieD
Trusted Cover User
2 years ago

Salary Sacrifice

Hi Everyone

 

So I have found that salary sacrifice is now added to gross wages in the end of financial report - this is new for Phase 2.

 

We are a non for profit organisation and salary sacrifice is always reported under the 57A section at the end of financial report. Do I still need to gross it up and put the gross up value into this area or the actual amount we paid being $16k.

Just confused due to salary sacrifice now being included in gross payments, so unsure if I have to gross up the amount or not

 

thanks

  • Hi, KylieD thank you for your post.

     

    The reason why it was counted as part of the gross wages is that it was deducted before as a salary sacrifice.

    As long as the ATO Category for salary sacrifice is all correct then you are all good.

     

    Regards,

    Hannah

    • KylieD's avatar
      KylieD
      Trusted Cover User

      Thanks Hannah_V 

       

      I am still wondering if I have to gross up the salary sacrifice and put it in the 57A section for each employee.

      I am assuming I do otherwise it would not be an option on the end of year financial report.

       

      was just unsure if i put the gross up figure of the actual figure they got.

      • Hannah_V's avatar
        Hannah_V
        Former Staff

        You're welcome, KylieD.

         

        To know more about salary sacrifice, you may check this Help Article: Salary sacrificing

        Please let me know if this works for you. Thank you. 

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