Forum Discussion

Kate_Beaumont's avatar
Kate_Beaumont
Contributing User
3 years ago

Salary Sacrifice amount included in gross wages - how to fix at end of year

Just about to finalise end of year STP reporting and found that the amount salary sacrificed through the year for 2 employees has not deducted from the gross wages as it should have. This is non supe...
  • gavin12345's avatar
    gavin12345
    3 years ago

    Hi Kate_Beaumont  and Alby97 

     

    If you check the ATO website for STP Phase 2 - salary sacrifice, you will see that Gross Amount must now be the pre-salary sacrifice gross amount as this is what SG should be based on. The ATO will deduct the Salary sacrifice amount from the Gross Amount to arrive at the correct Taxable Income. This is one of the many differences in Phase 2.

     

    Regards

    Gavin

Alby97's avatar
Alby97
Contributing User

I am having the same issue - my salary sacrifice contributions are showng in gross wages.  Have you managed to fix yours?

Kate_Beaumont's avatar
Kate_Beaumont
Contributing User
3 years ago

Sorry but have not found a solution. Spent a bit of time on the phone with MYOB and they have escalated it to look at in the back end. Not sure if you have shifted to STP2 or not as yet? I was doing end of year for one which is still STP1 which worked perfectly, not so the one that has been moved to STP2.

  • gavin12345's avatar
    gavin12345
    Ultimate User
    3 years ago

    Hi Kate_Beaumont  and Alby97 

     

    If you check the ATO website for STP Phase 2 - salary sacrifice, you will see that Gross Amount must now be the pre-salary sacrifice gross amount as this is what SG should be based on. The ATO will deduct the Salary sacrifice amount from the Gross Amount to arrive at the correct Taxable Income. This is one of the many differences in Phase 2.

     

    Regards

    Gavin

    • Kate_Beaumont's avatar
      Kate_Beaumont
      Contributing User
      3 years ago

      Thank you so much gavin12345 for your response. You have saved my bacon. I will contact MYOB in the morning.

    • Alby97's avatar
      Alby97
      Contributing User
      3 years ago

      Thank you so much Gavin, problem now solved.

    • KSG55's avatar
      KSG55
      Cover User
      3 years ago

      Is the salary sacrifice amount still meant to be listed as 'not reportable'? 

      • Kate_Beaumont's avatar
        Kate_Beaumont
        Contributing User
        3 years ago

        For STP2 found had to change the category from not reportable to the new category of Salary Sacrifice - Other Employee Benefits for it to appear on the report. This category includes Salary Sacrifice for those exempt from FBT.

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