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How to link the reportable super in the Payment Summary set up when it includes the Guarantee as well.

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Contributing Cover User Trishelle
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Trishelle
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How to link the reportable super in the Payment Summary set up when it includes the Guarantee as well.

Using Accountright 19.1 or 2.  An accountant at our request changed the super contribution for one employee to 15% in November last year.  Unfortunately it doesn't differentiate between the Super Guarantee and the extra so how do I link the category in Reportable Employer Super in Payment Summary set up?  I assume any Super above the 9.5 is reportable.  Thank you

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Ultimate Partner GDay53
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GDay53
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Re: How to link the reportable super in the Payment Summary set up when it includes the Guarantee as well.

@Trishelle 

 

Welcome to the MYOB Community Forum, I hope you find plenty of useful information.

 

Yes if the employee has a say in the added super it is RESC.

If the % raise was done by the employer and all employees received it no it is normal super G'Tee.

For it to be reported seperately as RESC you must first setup the extra % as a Salary Sacrfice Super and track it seperatley in a Liability account.

If the % only was changed then you will need to manually go back over every pay and calculate the difference in super amounts then do a journal move it into a new RESC liability account make sure you make plenty of notes to explain it. You will also have to manually enter the amount on the payment summaries.

 

 

If my response to your query and has helped, please mark my post as a solution to help others in the future.
Graeme Day
Registered BAS Agent #24745540
First Class Accounts Clayfield
Mobile: 0402 841 627
gday@firstclassaccounts.com
MYOB Certified Consultant
MYOB Diamond Partner
Contributing Cover User Trishelle
8 Posts
Contributing Cover User
Australia
Trishelle
Contributing Cover User

8Posts

1Kudos

1Solutions

Re: How to link the reportable super in the Payment Summary set up when it includes the Guarantee as well.

Thank you for the information - if only one employee received it after a discussion with employer about extra super payments as in the Barefoot Investor book and the employer said we will pay you 15% is that still classed as Salary Sacrifice?

Ultimate Partner GDay53
2,324 Posts
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Australia
GDay53
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2324Posts

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507Solutions

Re: How to link the reportable super in the Payment Summary set up when it includes the Guarantee as well.

Yes it is as the employee had the discussion with the employer.

 

If my response to your query and has helped, please mark my post as a solution to help others in the future.
Graeme Day
Registered BAS Agent #24745540
First Class Accounts Clayfield
Mobile: 0402 841 627
gday@firstclassaccounts.com
MYOB Certified Consultant
MYOB Diamond Partner
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