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BarryTomkinson's avatar
BarryTomkinson
Trusted Partner
5 months ago

Refunding Kiwisaver

What would be the correct way to refund kiwisaver in Exo Payroll? 

 

Client has had notification from IRD to refund as employee not eligable, IRD have refunded the Employer and asked them to refund the employee - they entered Kiwisaver amount as a negative but get errors when generating the IR Reports for filing. 

 

Should this even be recordeed against Kiwisaver? Or just added as a post tax allowance?

 

Any advice? Thanks 

 

 

MYOB Business
  • Earl_HD's avatar
    Earl_HD
    5 months ago

    Hi BarryTomkinson

    Thanks for your post. 

    I recommend avoiding recording it as a negative contribution, which can cause errors. Instead, create a post-tax allowance specifically for the KiwiSaver refund and add it to the employee's next pay run. This ensures the refund is correctly processed without affecting the IR Reports.

    If you need further assistance, feel free to reach out.

    Regards,
    Earl

  • Earl_HD's avatar
    Earl_HD
    MYOB Moderator
    5 months ago

    Hi BarryTomkinson

    Thanks for your post. 

    I recommend avoiding recording it as a negative contribution, which can cause errors. Instead, create a post-tax allowance specifically for the KiwiSaver refund and add it to the employee's next pay run. This ensures the refund is correctly processed without affecting the IR Reports.

    If you need further assistance, feel free to reach out.

    Regards,
    Earl

    • Earl_HD's avatar
      Earl_HD
      MYOB Moderator
      5 months ago

      Hi BarryTomkinson ,

      You're very welcome. Feel free to start a new post if you have further queries and one of us will be happy to assist you.

      Regards,
      Earl

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