Salary Sacrifice Arrangement that has come into affect 01 January 2020
Hi there,
I was wondering if someone could let me know how I would enter these details in MYOB for those who wish to Salary Sacrifice certain amount into their Super fund in the new Salary Sacrifice Arrangement.
How would I adjust it in MYOB to reflect the way we report the amount to be Salary Sacrificed.
MYOB is already set up previously for these employees ATO has advised it has now changed how we process it.
eg Sue receives $550 gross amount which 9.5% of super is paid = $52.25 (13wks x $52.25 = $679.25 per quarter )
She wishes to Salary Sacrifice $50 each week. (13Wks x $50 = $650.00 per quarter)
In MYOB it is set up
Base Salary x 9.5% = $52.25
Salary Sacrificing is -$50.00.
The amount of $50.00 is deducted from the base salary of $550 and taxed at a lower rate.
It is only picked up when when I run the Superannuation report when I do the quartley payments to the funds.
It has now changed to a different processsing and if someone can give me the right direction how to input it in MYOB for reporting and payment, what do I need to do?
As it started in January the pays have already processed into the system with Single One Touch but how would I rectify it to reflect the new reporting as the March payment is due next month.
Many thanks
J
My understanding is that the employee needs to advise and agree that an amount will be deducted from their pay.
Any help of understanding this will be much appreciated.
Just to confirm, is $550 the gross amount Sue would receive before she salary sacrifices? If so, the current set up you mentioned in AccountRight sounds correct to me.
As my understanding of according to this ATO page, from 1/1/2020 the Superannuation Guarantee amount needs to be calculated based on the gross earning amount before salary sacrifice. Provided that the Superannuation Guarantee and the Salary Sacrifice payroll categories were set up according to these guides, the current version of AccountRight is already calculating Superannuation Guarantee based on the gross before salary sacrifice. This is a dummy pay run using v2020.1:
Is AccountRight calculating superannuation guarantee based on $500 instead of $550 for you?
Just to confirm, is $550 the gross amount Sue would receive before she salary sacrifices? If so, the current set up you mentioned in AccountRight sounds correct to me.
As my understanding of according to this ATO page, from 1/1/2020 the Superannuation Guarantee amount needs to be calculated based on the gross earning amount before salary sacrifice. Provided that the Superannuation Guarantee and the Salary Sacrifice payroll categories were set up according to these guides, the current version of AccountRight is already calculating Superannuation Guarantee based on the gross before salary sacrifice. This is a dummy pay run using v2020.1:
Is AccountRight calculating superannuation guarantee based on $500 instead of $550 for you?
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Sacrifice Arrangement that has come into affect 01 January 2020","id":"message:637118","revisionNum":1,"repliesCount":2,"author":{"__ref":"User:user:178945"},"depth":0,"hasGivenKudo":false,"board":{"__ref":"Forum:board:Staffing_and_Payroll"},"conversation":{"__ref":"Conversation:conversation:637118"},"readOnly":true,"editFrozen":false,"moderationData":{"__ref":"ModerationData:moderation_data:637118"},"body":"
Hi there,
I was wondering if someone could let me know how I would enter these details in MYOB for those who wish to Salary Sacrifice certain amount into their Super fund in the new Salary Sacrifice Arrangement.
How would I adjust it in MYOB to reflect the way we report the amount to be Salary Sacrificed.
MYOB is already set up previously for these employees ATO has advised it has now changed how we process it.
eg Sue receives $550 gross amount which 9.5% of super is paid = $52.25 (13wks x $52.25 = $679.25 per quarter )
She wishes to Salary Sacrifice $50 each week. (13Wks x $50 = $650.00 per quarter)
In MYOB it is set up
Base Salary x 9.5% = $52.25
Salary Sacrificing is -$50.00.
The amount of $50.00 is deducted from the base salary of $550 and taxed at a lower rate.
It is only picked up when when I run the Superannuation report when I do the quartley payments to the funds.
It has now changed to a different processsing and if someone can give me the right direction how to input it in MYOB for reporting and payment, what do I need to do?
As it started in January the pays have already processed into the system with Single One Touch but how would I rectify it to reflect the new reporting as the March payment is due next month.
Many thanks
J
My understanding is that the employee needs to advise and agree that an amount will be deducted from their pay.
Any help of understanding this will be much appreciated.
","body@stringLength":"1656","rawBody":"
Hi there,
I was wondering if someone could let me know how I would enter these details in MYOB for those who wish to Salary Sacrifice certain amount into their Super fund in the new Salary Sacrifice Arrangement.
How would I adjust it in MYOB to reflect the way we report the amount to be Salary Sacrificed.
MYOB is already set up previously for these employees ATO has advised it has now changed how we process it.
eg Sue receives $550 gross amount which 9.5% of super is paid = $52.25 (13wks x $52.25 = $679.25 per quarter )
She wishes to Salary Sacrifice $50 each week. (13Wks x $50 = $650.00 per quarter)
In MYOB it is set up
Base Salary x 9.5% = $52.25
Salary Sacrificing is -$50.00.
The amount of $50.00 is deducted from the base salary of $550 and taxed at a lower rate.
It is only picked up when when I run the Superannuation report when I do the quartley payments to the funds.
It has now changed to a different processsing and if someone can give me the right direction how to input it in MYOB for reporting and payment, what do I need to do?
As it started in January the pays have already processed into the system with Single One Touch but how would I rectify it to reflect the new reporting as the March payment is due next month.
Many thanks
J
My understanding is that the employee needs to advise and agree that an amount will be deducted from their pay.
Any help of understanding this will be much appreciated.
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background-size: contain;\n background-position: center;\n}\n.myob-social-links .twitter a:before {\n background: url(\"data:image/svg+xml;charset=utf8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 24 24'%3E%3Ctitle%3EAsset 6%3C/title%3E%3Cg id='Layer_2' data-name='Layer 2'%3E%3Cg id='Layer_1-2' data-name='Layer 1'%3E%3Cpath d='M12,0A12,12,0,1,0,24,12,12,12,0,0,0,12,0Zm5.33,10c0,.12,0,.23,0,.35A7.75,7.75,0,0,1,5.4,16.92a5.48,5.48,0,0,0,4-1.13A2.73,2.73,0,0,1,6.89,13.9a2.73,2.73,0,0,0,1.23,0,2.73,2.73,0,0,1-2.19-2.67v0a2.73,2.73,0,0,0,1.23.34,2.73,2.73,0,0,1-.84-3.64,7.74,7.74,0,0,0,5.62,2.85,2.76,2.76,0,0,1-.07-.62,2.73,2.73,0,0,1,4.72-1.86,5.49,5.49,0,0,0,1.73-.66c-.2.64-.23.87-.79,1.21a1.46,1.46,0,0,0,1.34,0A5.8,5.8,0,0,1,17.33,10Z' style='fill:%23687480'/%3E%3C/g%3E%3C/g%3E%3C/svg%3E\")\n no-repeat;\n}\n\n.myob-social-links .googleplus a:before {\n background: url(\"data:image/svg+xml;charset=utf8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 24 24'%3E%3Ctitle%3EAsset 4%3C/title%3E%3Cg id='Layer_2' data-name='Layer 2'%3E%3Cg id='Layer_1-2' data-name='Layer 1'%3E%3Cpath d='M12,0A12,12,0,1,0,24,12,12,12,0,0,0,12,0ZM9,17.5a5.5,5.5,0,1,1,4.1-9.17L11.61,9.67a3.5,3.5,0,1,0,.56,3.84H9v-2h4.47a1,1,0,0,1,1,1.11A5.49,5.49,0,0,1,9,17.5Zm10.5-4v2h-2v-2h-2v-2h2v-2h2v2h2v2Z' style='fill:%23687480'/%3E%3C/g%3E%3C/g%3E%3C/svg%3E\")\n no-repeat;\n}\n\n.myob-social-links .facebook a:before {\n background: url(\"data:image/svg+xml;charset=utf8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 24 24'%3E%3Ctitle%3EAsset 1%3C/title%3E%3Cg id='Layer_2' data-name='Layer 2'%3E%3Cg id='Layer_1-2' data-name='Layer 1'%3E%3Cpath d='M12,0A12,12,0,1,0,24,12,12,12,0,0,0,12,0Zm3.51,12H13.2v7.2h-3V12H8.4V9.58h1.8V8.29A2.61,2.61,0,0,1,13,5.4h2.6V7.77H13.81a.58.58,0,0,0-.61.66V9.58h2.56Z' style='fill:%23687480'/%3E%3C/g%3E%3C/g%3E%3C/svg%3E\")\n no-repeat;\n}\n\n.myob-social-links .linkedin a:before {\n background: url(\"data:image/svg+xml;charset=utf8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 24 24'%3E%3Ctitle%3EAsset 5%3C/title%3E%3Cg id='Layer_2' data-name='Layer 2'%3E%3Cg id='Layer_1-2' data-name='Layer 1'%3E%3Cpath d='M12,24A12,12,0,1,0,0,12,12,12,0,0,0,12,24Zm1.82-10.71a1.2,1.2,0,0,0-1.2,1.2v4.2h-3s0-7.2,0-7.8h3v.89A3.72,3.72,0,0,1,15,10.91c1.78,0,3,1.29,3,3.78v4H15v-4.2A1.2,1.2,0,0,0,13.82,13.29ZM6.91,9.69h0A1.47,1.47,0,0,1,5.4,8.2,1.44,1.44,0,0,1,6.93,6.75a1.47,1.47,0,1,1,0,2.94Zm1.51,9h-3v-7.8h3Z' style='fill:%23687480'/%3E%3C/g%3E%3C/g%3E%3C/svg%3E\")\n no-repeat;\n}\n\n.myob-social-links .instagram a:before {\n background: url(\"data:image/svg+xml;base64,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\")\n 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Salary Sacrifice Arrangement that has come into affect 01 January 2020","moderationData":{"__ref":"ModerationData:moderation_data:637350"},"body":"
Just to confirm, is $550 the gross amount Sue would receive before she salary sacrifices? If so, the current set up you mentioned in AccountRight sounds correct to me.
\n
\n
As my understanding of according to this ATO page, from 1/1/2020 the Superannuation Guarantee amount needs to be calculated based on the gross earning amount before salary sacrifice. Provided that the Superannuation Guarantee and the Salary Sacrifice payroll categories were set up according to these guides, the current version of AccountRight is already calculating Superannuation Guarantee based on the gross before salary sacrifice. This is a dummy pay run using v2020.1:
\n
\n
\n
\n
Is AccountRight calculating superannuation guarantee based on $500 instead of $550 for you?
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Thanks Clover for the information and yes the Gross amount is $550 and the 9.5% is based on the Gross amount.
I am glad that this process was correct. Thank you again.
J
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