LSL Lump Sum Payment on Termination

GRENEWS
GRENEWS Member Posts: 8 Novice Member Novice Member
in Accounts Hosted

Have reported a Long Service Leave Lump Sum under "Allowances" and Tax Withheld under "Deductions" but neither are accounted for in "End of Financial Year' summary for the terminated employee. What am I doing wrong?

Comments

  • Acctd4
    Acctd4 Accredited Partner Posts: 4,208 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert
    edited July 2022

    Hi GRENEWS

    Unused LSL paid out isn’t an Allowance & should be mapped to Lump Sum A (if the LSL was accrued since Aug 1978) or Lump Sum B (if accrued prior to Aug 1978)

    PAYG should be linked to PAYG Tax Withheld, not Deductions 😬

    Amend your Payroll Items accordingly & the Paycheque should then flow through correctly in STP 😁

    Shaz Hughes.png

    Email | Website | Google Reviews | Facebook Reviews

  • GRENEWS
    GRENEWS Member Posts: 8 Novice Member Novice Member

    Thank you Shaz. Will do as you suggest. Can't thank you enough

Categories