Forum Discussion

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

  • Hannah_V's avatar
    Hannah_V
    Former Staff
    2 years ago

    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
      2 years ago

      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
        2 years ago

        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. 

Looking for something else?

Search the Community Forum for answers or find your topic and get the conversation started!

Community home

Dig into MYOB Academy for free courses, learning paths and live events to help build your business with MYOB.