How do I generate a report that shows the PAYG attributed to an individuals reimbursable expenses?
Per MYOB instructions we created several employee reimbursement categories within our payroll system.
They were all meant to be PAYG withholdng exempt, howvever several did not have the box ticked.
This means that employees claiming reimbursements for those items paid additional PAYG when they should not have.
How do I get a report that shows me the PAYG attributed to an individuals reimbursable expenses to they can claim them corectly in their personal tax?
Hi DarylK
I'm not a tax agent or accountant so this is only my understanding, at the EOFY your PAYGW amount is calculated on your total taxable income for the year, not individual categories. If those reimbursements are not included in your gross wages (taxable income) the PAYGW payable amount, based on your total taxable income, will be lower than what you have actually paid. So regardless of how it happened you have basically overpaid PAYGW for the year. PAYGW overpayments are a part of the tax return calculation and are included in any payments or refunds.
You can do pay adjustments to repay yourself the extra tax withheld now or you could wait until your tax return is lodged at the end of year. I'd strongly recommend speaking to your accountant about which option would suit you best.
In regard to the business I would definitely speak to the company accountant. You need to make sure that any adjustments are done according to the ATO rules.
Please let me know if you need further help.
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