SG Shortfall

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I need help entering SG Shortfall into Reckon Accounts Hosted

How do i go about entering the SG Shortfall amount & nominal interest?

Thank you

Answers

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,596 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
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    Hi Vanessa

    Unfortunately, neither the Super amounts or shortfall costs are tax deductible in this situation. However, as they are all still "business expenses" (just not income-tax-deductible "business expenses") different Tax Agents may prefer to account for it differently, depending on your particular business (entity/structure etc) so I'd recommend confirming with your Tax Agent on their preference for entries/account type.

    Once you've determined this, post back here again & I can advise on how to reflect this in RA 😊

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
  • Vanessa_10085275
    Vanessa_10085275 Member Posts: 35
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    Thank you so much, Tax Agent says it doesn't matter the way it is accounted for. The most simple way is fine as long as its done correctly

    If you can please guide me through it that would be great :-) thank you

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,596 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited May 2022
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    In that case:

    • Ensure you have unlocked & amended the relevant Paycheques for any additional Super now payable
    • Create the Liability Chq as normal (Employees dropdown menu > Payroll Taxes & Liabilities > Create Custom Liability Payments)
    • Change the Payee name ("Pay to the Order of") to Australian Taxation Office
    • Under the Expenses tab, select/add applicable Expense account(s) for the Interest & Admin Fee lines
    • Click on the Recalculate button at the bottom of the window, then Save & Close


    This is the simplest method & relies on your TA to manually omit/calculate out for tax purposes at EOFY.

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
  • Vanessa_10085275
    Vanessa_10085275 Member Posts: 35
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    How do I go about adding the SG Shortfall for each employee - I had to calculate their super using salary and wages x 10% therefore I've had to pay more on their individual super.

    Do I just add this manually or do I also have to account for it elsewhere?

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,596 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited May 2022
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    As per above, Unlock each of their Paycheques & edit the Super amount on there. You can enter a note about this in the Paycheque Memo or add a date-stamped Note on their Employee record.

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
  • Vanessa_10085275
    Vanessa_10085275 Member Posts: 35
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    Perfect. That's exactly what I did.

    Thank you 😊