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I am setting up an employee with Sal Sac and trying to do a 5.5% contribution but the calculation is really wrong. His Gross Wage is $2520 so Sal Sac @ 5.5% should be $138.60 but MYOB is working it out at $455.82. I can't see how it is coming to this amount. Thanks
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Welcome to the MYOB Community Forum, I hope you find it a wealth of helpful information.
The salary sacrifice, like a number of the superannuation calculations, takes a monthly approach to its figures. So if you had already processed pays within this calendar month, then processed a pay where a superannuation calculation that was a percentage of a specific wage category had been added to the employee in the middle of the month. When the payroll transaction loads, it checks the figures for the month and uses a figure to balance it for the month.
To put it another way, let’s assume that bob has had 2 pays and been paid a total of $400 on a wage category. So when you have a third pay in the same calendar month which includes a superannuation calculation of 10% (for simplicity. Please check with your accountant or employment advisor over the current rate is that you should be using). AccountRight will look at the figures and see that to balance the month it needs to calculate 10% of the entire month, not just that one pay
Thanks Neil. That makes perfect sense and works out exactly. Appreciate your help. Regards Kylie