Earning Items for IT Contractor

Hi Guys, I am a contractor and I have my own PTY LTD company. I am an employee of my own company and I need to report STP. I have subscribed to the Payroll App to do this but none of the earning items seem to fit my model. Therefore each week there may be something similar to the following:

Income: $6,630

Less Expenses: -

Net Income: $6,630

And from this I need to be able to calculate the superannuation, PAYG withholding tax and then my net pay. However, I cannot figure out how this is plumbed into the Payroll app. My understanding is I should be able to put the Net income into the App and it should calculate my Superannuation at 10.5%, my PAYGW and give me my net wage. However, there seems to be no earning item which suits this model. Please can you advise what I am to do? All earning items seem to be based on hourly rates etc and there are multiple settings to choose from. Thanks in advance, Chris.

Comments

swakhlu01 .

@Regynald Payroll app has many earning types in the settings menu. I think you need to use Ordinary earnings type in the Payrun (once you have set everything up - payrun frequency etc.) The system will calculate the Superguarantee amount based on default 10.5% but you can alter this depending on your situation. The system will also calculate PAYG witholding and nett pay.

Hope this answers your query. The Earnings are to be entered in hourly rate and hours format. For example if you have to enter a weekly earnings of $100 you could enter hourly rate of $100 and hours worked of $1.00.

This video will help and also there are many guides on the Reckon Help web pages.

https://community.reckon.com/discussion/8030105/creating-a-pay-run-on-the-reckon-payroll-app-how-to-video#latest

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