Partner Zone

Recording PSI Attributions alongside wages

crgrigg22
Contributing User
9 Posts
Contributing User
Contributing User

9Posts

0Kudos

1Solutions

Recording PSI Attributions alongside wages

Hello,

 

I'm looking to move to PSI attribution instead of paying wages for my income my business recieves. Does MYOB have much support in this area for their software? I'm looking at how to do this with MYOB, I could probably do it manually by doing the following if there is no support built in for PSI.

 

When paying PSI, we don't use STP or pay runs, we just every 3 months when we do our BAS form add extra PAYG withholding tax to the BAS form and pay extra superannuation on top of what has been paid for wages, so to allow this process to occur without screwing up the current working of MYOB and allowing wages to run along side it, I propose the following:

 

a) Set up a chart of account for tax withheld for PSI attributable income. When I do my bas an d include the extra tax through the extra PAYG withholding obligations, i'll use a "spend money" and report that extra tax that I apid under another chart of account designed to track how much tax was paid through PSI attribution. This will keep the wages one seperate but at the same time will allow my balance sheet to calculate correctly.

 

b) Setup a chart of account for superannuation that was paid separatly from normal wages through PSI attribution. This would be manual super I had to pay outside the normal wages pay for when I was doing PSI attribution. This would have a "spend money" transaction in MYOB the day it leaves my bank account to pay the superstream so MYOB can understand this bank transaction.

 

c) Setup a chart of account for net pay that was paid separatly from normal wages through PSI attribution. This would be manual net pay I had to pay outside the normal wages pay for when I was doing PSI attribution. This would have a "spend money" transaction in MYOB the day it leaves my bank account so MYOB can understand this bank transaction.

 

At the end of the financial year, I need to do a payment summary business income personal services attributed form and i'll use the values in a) and b) to fill out the form. I'll also do a STP finalisation, but i'll onl include amounts for my wages only and what super was paid for my wages portion only.

 

Which brings me to my question, does MYOB have a way of calculating this form at end of financial year? that is the business income personal services attributed form? - NAT 72545

Didn't find your answer here?

Try using advanced search to find a post more easily Advanced Search
or
Get the conversation started and make a new post Start a Post