Additional Employer Superannuation Contributions

Lntd120813
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Additional Employer Superannuation Contributions

How are reportable Additional Employer Super Contributions processed.  Can they be processed via payroll throughout the financial year or can they only be manually processed when processing the payment summaries at the end of the financial year?

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MYOB Moderator Theresa_D
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Re: Additional Employer Superannuation Contributions

Hi @Lntd120813 

 

Thanks for your post. I hope you're finding plenty of useful tips, advice and support on the community forum.

 

For information on Additional superannuation contributions in Essentials please see the linked help article. 

 

I hope this clarifies. If this answers your post please mark 'Accept as Solution' to help other users find this in their search. 

Cheers,
Theresa

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

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Ultimate Partner DuncanS
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Re: Additional Employer Superannuation Contributions

@Lntd120813 @Theresa_D 

 

Extra Super/Salary Sacrifice can be a headache for small business.

The ATO now allows employees to claim a deductible super contribution in their own return.

 

I understand from Theresa's post that MYOB Essentials does not cater for extra Super in Payroll.

 

Lets says a employee has Salary Sacrifice of $1000 per month.

I would setup a ledger in MYOB called Employee Name - Salary Sacrifice.

I would do a journal at the end of each month Dr Employees Name - Salary - Sacrifice Cr Super Payable and make the payment in the following month.

 

In my view, this is a lot of work when the employee can claim the deduction themselves.

 

Duncan

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days

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