Temination payment
Comments
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Can’t you adjust the pay and then submit a replacement file to ATO. And pay her the extra 800
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Hi Kris, the payroll was processed in July and PAYG also has been submitted to ATO for that month. I don't think adjusting pay will do any help because the amount she's paid on unused AL and leave loading is correct itself, only affecting the tax withheld. I suspect something to do with Employee/Payroll taxes and liabilities adjustment. Thank you!
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Hi Emma
If more tax has been withheld than necessary, this will be reflected in their PAYG total at EOFY & the employee will have it refunded when they do their 2020 tax return.
However, bear in mind that for a genuine redundancy, the job itself must be redundant/no longer applicable.
If the employee was just let go/terminated, this is not considered a "redundancy" & no tax-free limit applies.
For a genuine redundancy only, any amount above the tax-free limit should be processed as an ETP (Employment Termination Payment)Shaz Hughes Dip(Fin) ACQ NSW, MICB
Reckon Accredited Professional Partner Bookkeeper / Registered BAS Agent (No: 92314 015)
Accounted 4 Bookkeeping Services
Ballajura, WA
0422 886 003
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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Further to your comment, adjusting the pay would only be a tax change and that way you could refund the 80 to employee. Then resubmit to ATO0
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Thank you Shaz! It would be simple if she could just wait till tax return...
Thanks Kris! Now I got you - just amend the PAYG amount from the pay.
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