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 Sacrifice Arrangement. How would I adjust it in MYOB to reflect the way we report the amount to be Salary Sacrificed. MYOB is already set up previously for these employees ATO has advised it has now changed how we process it. eg Sue receives $550 gross amount which 9.5% of super is paid = $52.25 (13wks x $52.25 = $679.25 per quarter ) She wishes to Salary Sacrifice $50 each week. (13Wks x $50 = $650.00 per quarter) In MYOB it is set up Base Salary x 9.5% = $52.25 Salary Sacrificing is -$50.00. The amount of $50.00 is deducted from the base salary of $550 and taxed at a lower rate. It is only picked up when when I run the Superannuation report when I do the quartley payments to the funds. It has now changed to a different processsing and if someone can give me the right direction how to input it in MYOB for reporting and payment, what do I need to do? As it started in January the pays have already processed into the system with Single One Touch but how would I rectify it to reflect the new reporting as the March payment is due next month. Many thanks J My understanding is that the employee needs to advise and agree that an amount will be deducted from their pay. Any help of understanding this will be much appreciated.Solved1.3KViews0likes2Comments