Tax Tracking Type for ETP - Payment in lieu of notice

Rosie
Rosie Member Posts: 121 Reckoner Reckoner
in Accounts Hosted

Hi there,

I have set up unused Holiday Leave and Long Service Leave on termination as tax tracking type Lump Sum A (T) but I am unsure whether Lump Sum A (R) is the correct one for a payment in lieu of notice. When I look on the ATO website I am getting confused as to what tax tracking code I should select for an ETP - payment in lieu of notice.

And advice would be appreciated.

Thanks, Rose

Comments

  • Zappy
    Zappy Accredited Partner Posts: 5,258 Accredited Partner Accredited Partner

    Rosie you might think this is the place for tax advice. It's not. This is a software group. You need to consult your accountant. That's why you pay her.

  • Rosie
    Rosie Member Posts: 121 Reckoner Reckoner

    The reason I posted on here is because the tax tracking codes didn't line up with the info I was looking at online so I thought someone may be able me out with some insight.

    I'll just call Reckon, thanks for your passive aggressive response.

  • Acctd4
    Acctd4 Accredited Partner Posts: 4,223 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert
    edited February 2021

    @Rosie Back in 2017 I found I was unable to generate an accurate ETP for ILoN Pay. 

    Back then, the ETP Paycheque calculated $ 0 PAYGW, however the ETP Payment Summary auto-calculated 32% of Gross ETP Pay at the PAYGW label 😫🤦‍♀️.  Reckon were unable to assist back then as there was no workaround, so I ended-up creating an Hourly Payroll Item instead in order to be able to report the correct Gross/PAYGW totals (albeit on an INB Payment Summary, which was not the correct summary format but at least the totals were right!)

    It sounds like this hasn't been addressed for STP reporting as yet either @Rav  … ? 

    Shaz Hughes.png

    Email | Website | Google Reviews | Facebook Reviews

Categories