As our contractors have an abn and work mostly for us - we are obliged to calculate superannuation on their "ordinary hours". Currently I calculate super for each day monday to Friday that they have worked being it 8 hours or less. ie is they work 11 hours then we calculate super at 8 hours.
I have to manually add this up for each month in a spreadsheet and process it as an expense in Myob.
would be good to be able to get MYOB to generate it automatically like it does for the end of year report, when we have the "flag" set.
If they don't have a PTY LTD company they are still considered to be an employee and need to have super paid, but they opt to work under their own abn.
Roslyn,
Have a look at SGR 2009/2 on the ATO Website.
I understand regular overtime is deemed to be OTE.
Hope this helps.
Duncan Smith
Business Advice + Tax
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