LSL Lump Sum Payment on Termination
GRENEWS
Member Posts: 8 Novice Member
Have reported a Long Service Leave Lump Sum under "Allowances" and Tax Withheld under "Deductions" but neither are accounted for in "End of Financial Year' summary for the terminated employee. What am I doing wrong?
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Comments
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Hi GRENEWS
Unused LSL paid out isnβt an Allowance & should be mapped to Lump Sum A (if the LSL was accrued since Aug 1978) or Lump Sum B (if accrued prior to Aug 1978)
PAYG should be linked to PAYG Tax Withheld, not Deductions π¬
Amend your Payroll Items accordingly & the Paycheque should then flow through correctly in STP π
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
(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!)
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Thank you Shaz. Will do as you suggest. Can't thank you enough
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