Superannuation liability recorded to PAYG account in error

Hi JaneCorben2627,

 

Thanks for your post.

 

My apologies for the late response. I understand that you're trying to correct the PAYG liability after a superannuation payment has been made. We appreciate your reaching out. Allow me to help you with this. Here are some steps you can take:

 

• Reconcile your PAYG Liability Account: Make sure that the balance at the end of the month is the amount you will be paying in the following month. This will help you identify any discrepancies in your PAYG liability.
• Identify and Rectify Errors: If you find that the figures don't balance, you'll have to locate the transactions that have caused the error and rectify them. Common errors include coding superannuation liability payments to a superannuation expense account rather than a liability account or incorrect handling of returned payments.

 

Please note that if you're unsure about how to correct the PAYG liability, we recommend consulting with a tax professional or your accountant. They can provide advice tailored to your specific situation.

 

Feel free to reply if you need further help.

 

Otherwise, if my response has answered your inquiry, please click "Accept as Solution" to help other users find this.

 

 

Kind regards,

Shella