Partner Zone
Partner Zone

Superannuation payments for sub contractors

This thread is now closed to new comments.
Some of the links provided in this thread may no longer be available or relevant.
If you have a question please start a new post.
Highlighted
Experienced Cover User MrsC1965
22 Posts
Experienced Cover User
MrsC1965
Experienced Cover User

22Posts

16Kudos

0Solutions

Solved: Go to Solution

Superannuation payments for sub contractors

Hi,

 

I am looking to pay superannuation guarantee on payments to sub-contractors.  Is there any way that MYOB Essentials can either calculate or record this?

 

Is there any way that when I pay them I can manually record an entry so that it will show up under Superannuation Payable?  We only have two sub-contractors and I'm new to MYOB, any help would be great to help me correctlly record my superannuation obligations.  Otherwise once I've paid the super guarantee how do I record it.

 

Thanks

Joanne

6 REPLIES 6
Ultimate Partner Kym__Yeoward
1,635 Posts
Ultimate Partner
Australia
Kym__Yeoward
Ultimate Partner

1635Posts

1023Kudos

127Solutions

Re: Superannuation payments for sub contractors

See this link -. Contractor and sole trader emplolyees

- in particular, the link to the ATO's website

 

P.S. Often someone else has had the same issue or problem, recently. You can find many answers, by doing a Search. 

Experienced Cover User MrsC1965
22 Posts
Experienced Cover User
MrsC1965
Experienced Cover User

22Posts

16Kudos

0Solutions

Re: Superannuation payments for sub contractors

Thanks.

 

I am familiar with the ATO requirements, I know I have to pay them superannuation, but I don't have to withhold tax as they have current and correct ABNs, so I guess I need to set them up as a supplier and pay them as such and then manually create their SG obligation as a separate entry. I was just looking for the best way to do this within MYOB as I'm new to MYOB not payroll.

 

I did do a search on this but couldn't find guidance as to how to set it up but figured there had to be a way.

 

Regards

Joanne

MYOB Moderator Liam_M
3,488 Posts
MYOB Moderator
Australia
Liam_M
MYOB Moderator

3488Posts

1326Kudos

529Solutions

Accepted Solution Solved Solution

Re: Superannuation payments for sub contractors

Hello @MrsC1965 

 

Welcome to the MYOB Community Forum. I hope you find it to be a valuable resource. MYOB Essentials will only calculate superannuation automatically on payroll transactions. If you are recording the payments as purchases, because you have no tax obligation and do not have to prepare a payment summary for these contractors at the end of the year, you would need to manually calculate and record superannuation. If you aren't sure if you have a tax obligation or have to produce a payment summary, please speak to your accountant or the ATO.

 

You can record a general journal entry by selecting 'general journals' from the cog menu and then clicking 'create journal.' You could then record a general journal crediting your superannuation liability account for the amount owed. You'd debit an expense account for the same amount. You'd need to calculate the amount manually.

When you actually pay the superannuation to the superfund, you would record a spend money transaction from your bank account and allocate it to the superannuation liability account. Or if you use bankfeeds, just allocate the bank feed to your superannuation liability account.

Kind Regards

Liam
MYOB Client Support
Experienced Cover User MrsC1965
22 Posts
Experienced Cover User
MrsC1965
Experienced Cover User

22Posts

16Kudos

0Solutions

Re: Superannuation payments for sub contractors

Thanks, exactly what I was after!

Regards
Joanne
Ultimate Partner Kym__Yeoward
1,635 Posts
Ultimate Partner
Australia
Kym__Yeoward
Ultimate Partner

1635Posts

1023Kudos

127Solutions

Re: Superannuation payments for sub contractors

Here's a link to the ATO's Tax and Superannuation for contractors

 

Experienced Cover User MrsC1965
22 Posts
Experienced Cover User
MrsC1965
Experienced Cover User

22Posts

16Kudos

0Solutions

Re: Superannuation payments for sub contractors

Thanks.

We have sub contractors that work almost exclusively for us providing labour so we have to pay super.

As we are in construction their payments are reportable to the ATO and we have set that up within MYOB.

Thanks for the support and advice it's great.

Regards
Joanne

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