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Miranda_C's avatar
Miranda_C
Contributing Cover User
15 days ago
Solved

Interest on late workcover weekly payment

Hi 

I would like to ask if anyone know how to process payroll regarding Interest resulted from late payment on workcover weekly payment to the employee? That is, when we received interest reimbursement from Workcover agent to back pay to the employee, in this case, how to process this reimbursement to the employee on payroll? This interest does not attract PAYG Withholding according to Worksafe.

 

Can anyone advise?  That will be appreciated.

 

Regards

Miranda

  • Shella_A's avatar
    Shella_A
    14 days ago

    Hi Miranda_C

     

    Processing payroll regarding interest resulted from late payment on workcover weekly payment to the employee can be quite complex. To reimburse an employee for an expense they've incurred on behalf of your business, you can set up a new pay item. This lets you reimburse the employee for their next pay. See this helpful article about reimbursing an employee for a more detailed guide to the process. Let me know if you need further help!

     

     

    Kind regards,

    Shella

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  • Shella_A's avatar
    Shella_A
    MYOB Moderator
    14 days ago

    Hi Miranda_C

     

    Processing payroll regarding interest resulted from late payment on workcover weekly payment to the employee can be quite complex. To reimburse an employee for an expense they've incurred on behalf of your business, you can set up a new pay item. This lets you reimburse the employee for their next pay. See this helpful article about reimbursing an employee for a more detailed guide to the process. Let me know if you need further help!

     

     

    Kind regards,

    Shella

    • Miranda_C's avatar
      Miranda_C
      Contributing Cover User
      13 days ago

      Hi Shella

       

      Thank you for your advice and a very helpful information.  I've followed and set up as the guidance on the reimbursing an employee, it has solved the problem. Really appreciate your guidance and advice.

       

      Thanks heaps and regards

      Miranda

      • Shella_A's avatar
        Shella_A
        MYOB Moderator
        13 days ago

        Hi Miranda_C

         

        I'm glad to hear that the guidance on reimbursing an employee has helped solve your problem. It's always great to know that the information provided is useful and effective. If you have any more questions or need further assistance, feel free to ask.

         

         

        Cheers,

        Shella