Forum Discussion

mking72's avatar
mking72
Contributing User
12 months ago

Income Protection Insurance

Hi,   I am about to have a staff member who will be activating their income protection insurance policy and will be getting paid direct by their insurer.   Under the provisions of the insurance, ...
  • Princess_R's avatar
    Princess_R
    12 months ago

    Hi mking72,

     

    Thank you for your post.

     

    In the scenario you've described, if the staff member works fewer hours than their usual full-time schedule due to activating their income protection insurance policy, you have a couple of options. You can either record the hours not worked as unpaid hours or designate them as leave without pay. The choice between these two options may depend on your company's policies and the specific terms outlined in the employment contract. It is advisable to consult with your accountant or the ATO if you'll need to record the unworked hours or enter the pay as normal by just entering the worked hours.

     

    Feel free to let me know if you have further questions.

     

    Cheers,

    Princess

Princess_R's avatar
Princess_R
MYOB Moderator
12 months ago

Hi mking72,

 

Thank you for your post.

 

In the scenario you've described, if the staff member works fewer hours than their usual full-time schedule due to activating their income protection insurance policy, you have a couple of options. You can either record the hours not worked as unpaid hours or designate them as leave without pay. The choice between these two options may depend on your company's policies and the specific terms outlined in the employment contract. It is advisable to consult with your accountant or the ATO if you'll need to record the unworked hours or enter the pay as normal by just entering the worked hours.

 

Feel free to let me know if you have further questions.

 

Cheers,

Princess

  • mking72's avatar
    mking72
    Contributing User
    12 months ago

    Thanks for your response Princess, much appreciated. 

    • Princess_R's avatar
      Princess_R
      MYOB Moderator
      12 months ago

      Hi mking72,

       

      You're very welcome! If you have any more questions or if there's anything else I can help you with, feel free to start a new post. I'm here to assist!

       

      Cheers,

      Princess

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