Forum Discussion

JW27's avatar
JW27
Experienced Cover User
5 years ago

Salary Sacrifice Arrangement that has come into affect 01 January 2020

Hi there,   I was wondering if someone could let me know how I would enter these details in MYOB for those who wish to Salary Sacrifice certain amount into their Super fund in the new Salary Sacrif...
Salary sacrifice
  • CloverQ's avatar
    CloverQ
    5 years ago

    Hi JW27 

     

    Just to confirm, is $550 the gross amount Sue would receive before she salary sacrifices? If so, the current set up you mentioned in AccountRight sounds correct to me. 

     

    As my understanding of according to this ATO page, from 1/1/2020 the Superannuation Guarantee amount needs to be calculated based on the gross earning amount before salary sacrifice. Provided that the Superannuation Guarantee and the Salary Sacrifice payroll categories were set up according to these guides, the current version of AccountRight is already calculating Superannuation Guarantee based on the gross before salary sacrifice. This is a dummy pay run using v2020.1:

     

     

    Is AccountRight calculating superannuation guarantee based on $500 instead of $550 for you?

     

    If you do need to correct any incorrect super recorded, I'd suggest following this online Help article - Checking and adjusting superannuation. 

     

    Please feel free to let us know how you go.

CloverQ's avatar
CloverQ
Former Staff
5 years ago

Hi JW27 

 

Just to confirm, is $550 the gross amount Sue would receive before she salary sacrifices? If so, the current set up you mentioned in AccountRight sounds correct to me. 

 

As my understanding of according to this ATO page, from 1/1/2020 the Superannuation Guarantee amount needs to be calculated based on the gross earning amount before salary sacrifice. Provided that the Superannuation Guarantee and the Salary Sacrifice payroll categories were set up according to these guides, the current version of AccountRight is already calculating Superannuation Guarantee based on the gross before salary sacrifice. This is a dummy pay run using v2020.1:

 

 

Is AccountRight calculating superannuation guarantee based on $500 instead of $550 for you?

 

If you do need to correct any incorrect super recorded, I'd suggest following this online Help article - Checking and adjusting superannuation. 

 

Please feel free to let us know how you go.

  • JW27's avatar
    JW27
    Experienced Cover User
    5 years ago

    Thanks Clover for the information and yes the Gross amount is $550 and the 9.5% is based on the Gross amount.

     

    I am glad that this process was correct.  Thank you again.

    J

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