The Super balance on my dashboard has gone into the negative and I believe it is because my empolyers self super contributions are unable to be matched with a payroll transaction as he doesn't draw a wage (or get paid through myob). I have used the Super payable (liabilities) account to record these payments. How do I get these payments to balance? He is not salary sacrificing, just paying himself super periodically.
The Super balance on my dashboard has gone into the negative and I believe it is because my empolyers self super contributions are unable to be matched with a payroll transaction as he doesn't draw a wage (or get paid through myob). I have used the Super payable (liabilities) account to record these payments. How do I get these payments to balance? He is not salary sacrificing, just paying himself super periodically.
Thanks for your post. It can vary exactly how and how much super is paid for closely held employees (such as directors or shareholders) from business to business. For this reason, you should check with your accountant/ financial advisor to find out exactly what is best for your specific business needs.
However, in general you can simply pay their super to the Superannuation Guarantee payroll category when processing a void paycheque, and clear it out through the Pay Superannuation in the payroll command centre.
Read more about setting this up: Closely held employees
Again, please check with your accountant which method specifically is right for your business.
