Early Childhood Retention Grant

Question

In the childcare industry, centers have been allowed to apply for a government grant to increase their educators wages. The centre I work for was successful in winning this grant so they have received a lump sum of back pay, some to be passed on to educators as back bay and some to hold against liabilities. They will now received a lump sum in arrears each month to offset the increase in staff wages. Just wondering if anyone else has worked through this process? I have set up an allowance in payroll as 10% on top of their base rate to assist with acquittal. Any advice would be greatly appreciated.&nbsp;

earl_hd · Answer

Hi brooke05,That’s a tricky one. In this situation, we recommend consulting an accountant for an accurate answer.Regards,Earl

astrid44 · Answer

Hi Earl,I'm also in the process in setting up MYOB with this Work Retention Grant info with the help of my accountant... my question to you is can I set up a separate Superannuation Guarantee that can be linked to the Work Retention account?&nbsp;

doreen_p · Answer

Hey Astrid44,
&nbsp;
Yes, you can setup a separate Superannuation Guarantee category and map its expense/liability accounts to the specific Work Retention account you’re using, so SG for those payments is tracked separately. The exact setup should follow your accountant’s guidance to keep it compliant and reported the way they want.
&nbsp;
Cheers,
Doreen

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Early Childhood Retention Grant

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