Salary Sacrifice in Advance

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Salary Sacrifice in Advance

I am wanting to pay some salary sacrificed super in advance today.

 

It will be a lump sum paid up front but the deductions will really be taken off the payroll over the next few months.

 

How would this be set up and processed through payroll?

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Re: Salary Sacrifice in Advance

@Kristyh1 

 

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

 

You need to treat this as two operations one the ADVANCE payment and the of the Salary Sacrifice.

As you can not salary sacrifice more than you earn you need to make the payment an ADVANCE payment.

Then when you Salary Sacrifice each pay it is used to pay off the advance payment.

Have a read of the following MYOB SUPPORT NOTES:

Wage advances and employee loans

Salary Sacrifice (employee purchase)

 

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
Gralord Enterprises Pty Ltd
Mobile: 0402 841 627
graemeday@optusnet.com.au
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Experienced User
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Re: Salary Sacrifice in Advance

So if i ran this as an advance pay can i then salary sacrifice the whole amount as per normal through payroll.

 

Then pay the amount back as per other instructions for each payr run?

 

 

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Re: Salary Sacrifice in Advance

Hi @Kristyh1 

 

I see that Graeme (@GDay53 ) has offered some great advice on how to handle this situation. I just wanted to check in and see if you still need assistance or if you have resolved it.

 

If you do need further help please do let us know.

Cheers,
Tracey
Previously @bungy15

MYOB Community Support

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