Paying Super Contribution
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Adam_7542761
Member Posts: 15 ✭
I'm a self employed, so one employee and setting up payroll for the first time. I'm having trouble working out how to pay the Super Liability. As it is just me I don't need to use the clearing house, but the super setup is asking for a liability agency. What is this? How can I simply show the payment being made from the bank account?
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Comments
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The Liability Agency is the name of the Superannuation Fund to which your superannuation payments are to be made.2
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Hi Adam
The super deduction from each pay generats a double entry, one goes to the (or should) go to the super expense account the other entry goes to the (or should) 'super liabiltiy account'. As Kevin said the liability agency is your superfunds name, this will be entered as a 'supplier' as well, it will also ask for a number that identifies you to the agency, this is either your employer ID number or in your case your member number (if you are the only one)
When you pay the super you 'write cheque' for the amount you are paying from the bank account (at top) and the account at the bottom will be the Liability account holding the money, (super or payroll Liab.).
Keeping in mind as of 1Jul15 all employers must lodge super electronically to either the individual funds or a clearing house.1
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