Company contributions

Andrea_10865699
Andrea_10865699 Member Posts: 4 Novice Member Novice Member

Trying to create a custom liability payment for super payments, BERT payments, BEWT payments, CIPQ payments and STQ payments for June 2023 - first time since STP Phase 2 upgrade and STP Finalisation 22/23. The super and tax liabilities seem correct however, the other payments are not right?

Comments

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,799 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert
    edited July 2023

    Hi Andrea

    What exactly are BEWT, CIPQ & STQ payments for ? Are these state-specific ? (We don't have those ones here in WA)

    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!)
  • Andrea_10865699
    Andrea_10865699 Member Posts: 4 Novice Member Novice Member

    Hi Shaz,

    Basically they are training funds and income protection in Queensland. We withhold an amount on employee's weekly wages and pay to the respective funds each month.

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,799 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert

    It sounds like these need to be mapped differently for STP2 then.

    Is the employee receiving a tax benefit (eg are they being taxed on their pay AFTER these deductions or before) ? If so, these should be mapped to the new Salary Sacrifice Other Employee Benefits (O). If not (eg if they're deducted from net pay AFTER tax), the mapping should be set to None & will not form part of the figures submitted for STP2.

    They need to be set up as Deduction-type Payroll Items

    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!)
  • Andrea_10865699
    Andrea_10865699 Member Posts: 4 Novice Member Novice Member

    Thanks Shaz.

    The amounts are taken from their gross wages. They have been entered as company contributions and tax tracking type "none".

    Do I need to change them to "deductions"?

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,799 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert
    edited July 2023

    Oh, I see ... Yes, the Company Contribution will be adding to the pay (not deducting from it) ! 😬

    Regarding the PAYG Tax, it depends if they should be being taxed on the gross or on the amount after these deductions. (NOTE: If set up to tax after these amounts are deducted, this would mean the employees would essentially be Salary Sacrificing these ! But I think you mean, they're just calculated on the Gross wage amount)

    Check the PAYG Tax Payroll Item & each of the Payroll Items for these particular liabilities to check this.

    But yes ... these should be set up as Deduction-types & - if deducted from net - None is correct ☺️

    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!)