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Staff Bonus Used to Purchase Company Shares

LC00per
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Cover User
Australia
LC00per
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Staff Bonus Used to Purchase Company Shares

Hi There,

I have two staff members that have forfieted their last two wage bonus payments in lieu of using these funds to purchase company shares.  How do I account for this in MYOB?

3 REPLIES
Ultimate Partner GDay53
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GDay53
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Re: Staff Bonus Used to Purchase Company Shares

@LC00per

 

Welcome to the MYOB Community Forum, I hope you find it a wealth of helpful information.

 

I would treat them as Salary Sacrifice for employee purchase.

Here is the Support Note:

http://help.myob.com/wiki/pages/viewpage.action?pageId=7111471&searchfacet=support:help&searchterm=S...

 

Graeme Day
Registered BAS Agent #24745540
First Class Accounts Clayfield
Mobile: 0402 841 627
gday@firstclassaccounts.com
MYOB Certified Consultant
MYOB Diamond Partner
Ultimate Partner ronatbas
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ronatbas
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Re: Staff Bonus Used to Purchase Company Shares

@LC00per @GDay53

 

We have a staff member in this situation (salary increase but to have the same take home) and we were strongly advised not to go down the Salary Sacrifice route. The logic is that you need to purchase something rather than setting the money aside to purchase something. Notionally any share purchase and the changes that need to happen at ASIC is not going to happen for some time yet. . We have created a Loan Account where we will collect money until there is significant funds to make the change worthwhile.

Ron B
BAS Group
03 95588477

info@basgroup.com.au
Making MYOB work for you
LC00per
3 Posts
Cover User
Australia
LC00per
Cover User

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Re: Staff Bonus Used to Purchase Company Shares

Thanks so much - I think in the short term the Loan account is the best option for us too, as the actual purchase wil be down the track

 

Thanks Smiley Happy

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