Salary Sacrifice Super Setup
Help needed to setup super salary acrifice.
Employee wants to maximise super salary sacrifice between now and the end of the financial year for concessional contributions into super. His financial advisor has advised him to request 35.89% salary sacrifice on his gross pay.
I have setup a Salary Sacrifice Super payroll category with the calculation basis - 35.89% of gross wages.
When I do a dummy pay for the employee, with NO income salary sacrifice amount is -$200.98. I have no ides why MYOB is displaying this amount if there has been no income entered.
I then tried a dummy pay with the employee's gross pay being $1,000. MYOB is calculating Salary Sacrifice super to be -$599.88, whereas 35.89% should be $358.90; the difference now being $240.98.
Cam someone please explain whjere my setup is wrong please?
HI GaryOo
Out of curiosity, have one or more pays for this employee been recorded in this calendar month? When AccountRight calculates superannuation figures it looks at the monthly amount of eligible wages compared to the amount of that superannuation in the month. If there is an imbalance between these two figures AccountRight will try and correct it in that pay.
So if for example the employee had received $1000 of eligible for the month to date but hadn’t received any superannuation for the month, on the next pay in that same calendar month, before any wages have been added AccountRight will add $358.90 in the superannuation.
If the superannuation is only going to be kicking in from a particular point in the month going forward, then for the first month you would need to manually calculate the figure and edit the amount on the pay slip. Once a new calendar month happens then the superannuation will calculate with the pays correctly
