Amend employee amount for 19/20
Comments
-
Hi Samantha
Not too sure what you mean … Are you referring to Salary Sacrifice to their Super Fund? If the amounts have already been paid:
1. They can’t just get it back as it’s already sitting in their Super Fund account (which can’t be withdrawn unless under specific circumstances)
2. They will have received a tax benefit (assuming it was setup correctly) so this can’t just be reversed without changing the PAYG tax liability that should have occurred.
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!)
0 -
Hi Shaz
It is salary sacrifice for a vehicle.
This is the advice I was given:
The other option is to make an adjustment to the PAYG certificate for the year ended 30/6/20 for the $XXXXX. The adjustment would increase pre tax deductions by this amount and a corresponding post tax addition for the same amount. This will effectively mean he will get the refund of the additional PAYG when he lodges the current tax return.
I was told it was as easy as doing a negative pay for the amount. But that isn't working.
Thanks for your help
Sam0 -
Hi Sam
In that case, you need to do a Payroll Adjustment entry for that specific employee. You can adjust both the SS (eg enter as a negative) & the PAYG amounts - It’s not done via a “Pay” but through a different section in the Payroll Liabilities:
- Click on Employees (along top toolbar) > Payroll Taxes & Liabilities > Adjust Payroll Liabilities
- You can either make the Date today or 30/06/20 but make sure the Effective Date is 30/06/20 to ensure it affects the correct FY.
- Select Employee & enter/select the applicable employee in the dropdown list
- Select/enter the applicable Payroll Items & the relevant adjustment amounts (make sure you include the minus sign to reduce the SS)
- Don’t forget to write meaningful Memos to clarify what you’re doing & why (Makes it a lot easier down the track if it needs to be revisited!)
You can choose to affect your relevant Liability accounts or not.
Although this should be a great option, I often find instead that this creates a double entry which balances out the process in the account to $ 0 meaning the liability amount doesn’t actually increase/decrease as it should so I would suggest opting to affect accounts for now but if you find upon checking them that it hasn’t had the desired effect, edit this Payroll Liability Adjustment entry to NOT affect accounts & enter a GJ instead.
You will likely also need to amend your BAS/IAS (for W1 & W2) & STP also in order for the changes to reflect correctly across the board.
To adjust the PAYG in this current FY, I would just manually increase the PAYGW amount on each Pay(s) as applicable going forward to.
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!)
1
Categories
- All Categories
- 6.4K Accounts Hosted
- 10 📢 Reckon Accounts Hosted - Announcements
- 5.9K Reckon Accounts (Desktop)
- 3 📢 Reckon Accounts Desktop - Announcements
- 1.3K Reckon Payroll 🚀
- 21 📢 Reckon Payroll - Announcements
- 21 Reckon Payroll Help Videos 🎥
- 21 Reckon Mate App
- 2.9K Reckon One
- 7 📢 Reckon One - Announcements
- 10 Reckon Invoices App
- 14 Reckon Insights
- 107 Reckon API
- 822 Payroll Premier
- 307 Point of Sale
- 1.9K Personal Plus and Home & Business
- 62 About Reckon Community