SG Shortfall
I need help entering SG Shortfall into Reckon Accounts Hosted
How do i go about entering the SG Shortfall amount & nominal interest?
Thank you
Answers
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Hi Vanessa
Unfortunately, neither the Super amounts or shortfall costs are tax deductible in this situation. However, as they are all still "business expenses" (just not income-tax-deductible "business expenses") different Tax Agents may prefer to account for it differently, depending on your particular business (entity/structure etc) so I'd recommend confirming with your Tax Agent on their preference for entries/account type.
Once you've determined this, post back here again & I can advise on how to reflect this in RA 😊
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Thank you so much, Tax Agent says it doesn't matter the way it is accounted for. The most simple way is fine as long as its done correctly
If you can please guide me through it that would be great :-) thank you
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In that case:
- Ensure you have unlocked & amended the relevant Paycheques for any additional Super now payable
- Create the Liability Chq as normal (Employees dropdown menu > Payroll Taxes & Liabilities > Create Custom Liability Payments)
- Change the Payee name ("Pay to the Order of") to Australian Taxation Office
- Under the Expenses tab, select/add applicable Expense account(s) for the Interest & Admin Fee lines
- Click on the Recalculate button at the bottom of the window, then Save & Close
This is the simplest method & relies on your TA to manually omit/calculate out for tax purposes at EOFY.
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How do I go about adding the SG Shortfall for each employee - I had to calculate their super using salary and wages x 10% therefore I've had to pay more on their individual super.
Do I just add this manually or do I also have to account for it elsewhere?
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As per above, Unlock each of their Paycheques & edit the Super amount on there. You can enter a note about this in the Paycheque Memo or add a date-stamped Note on their Employee record.
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Perfect. That's exactly what I did.
Thank you 😊
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