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We have an empolyee with a self managed super fund, his accountant has requested that he reimburse our company some funds as he has gone over his cap for the year.
1. how do I put the refund through payroll for this particular employee against salary sacrfice as I cannot put a minus figure through.
2. where do I deposit the cheque to ? If I put the refund agains salary sacrifice liability this will leave the account in credit.
Solved! Go to Solution.
Company would have already report the wages on your BAS and/or IAS as well so that may require a revision?
As Renae says very interesting and unusual.
I would do a summary of Payroll Details for the employee year to date.
It may be necessary to delete a Pay Run (s) for the employee.
You would then check any reentered transactions against the original transactions.
The employee would also be liable for a higher PAYG - W.
I would take great care in preparing the Payment Summary for FY17.
Salary sacrifice can be an administrative burden on employers.
I recall that the Government has announced that employees can claim a deduction for extra Super in their own name.
I recall that the Government also has a oneoff error concession on super contributions over the limit.
You may wish to ask the employee to ask their accountant if this applies to them.
Let us know how you go.
May 2017 - last edited May 2017
To me what the accountant is really requesting is pay it back to the company so that it can then be seen as wages and pick up any PAYG that is applicable. This was his money so if he can't sal sac the amount then it becomes his earnings, which at this stage, he has not paid PAYG on. The only money he should repay to the company is the PAYG that he has not paid yet
The problem is go to be juggling the figures to get to it back into the system. Putting a positive amount in the salsac box will lower the amount to go the salsac and will generate a PAYG figure. If the amount is roughly the same as (or less than) that for a pay period then you could use that PAYG figure. If however the figure is substanstially more than one pay period Gross, then you should spread it over the year and calculate the tax payable.
I will have to do a bit more work on how to get it into the payroll, my first efforts didn't gel when I took a second look at it.
Thank you for your advice and help, I have decided to pass onto the company accountant with your suggestions as he appears to be at a loss.
I think I have worked out how it could all work.
A super company has returned money to you so it must go back to the liability account. Has his accountant taken into account the pays through to the end of the Year?
The double entry for the original wages is debit salary sacrifice credit wages, this can be reversed by the entry of a positive figure to the salary sacrifice and a negative in Base Salary/Base Hourly to give a void pay. No entitlements, the compulsory super should be in the opposite direction.Ch# ADJSALS (so that it stands out on reports.
Logic is that this is money that, to date, is showing on his Gross that he has never received nor has his super company.
To rectify this apparent underpayment you then do a pay for the amount with adj. PAYG if required, no salsac., no entitlements. The super is going to depend on what his accountant has determined. If the accountant has said no more super for this year then make sure that you have something in writing to this effect.
when you receive money in bank send it to the liability account. This will offset the debit created by the positive salasac entry.
Have put through as you suggested, all appears to be as it should thank you, thank you, thank you