Directors fees
Kellie Malmberg
Member Posts: 2 ✭
Hello,
What is the best way to set up Directors Fees as a new payroll item? How do you set this up so it records on the PAYG Payment Summary correctly, as the ATO says that this should be shown at Item 2 on your individual Tax Return.
What is the best way to set up Directors Fees as a new payroll item? How do you set this up so it records on the PAYG Payment Summary correctly, as the ATO says that this should be shown at Item 2 on your individual Tax Return.
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Comments
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Set them up the same way you would for regular salaries - i.e. deduct PAYG, pay sup'n, attract payroll tax etc.
Just allocate them to a separate account line "Directors Fees" so that they are easily identifiable on your P&L1 -
Great, thank you for your help Bruce.0
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Kevin
Most definitely - PAYGW issue in this link https://www.ato.gov.au/business/business-activity-statements-(bas)/pay-as-you-go-(payg)-withholding/
I should have said- Payroll Tax - yes if Victoria, not sure about other states
- Sup'n - yes unless employee has exemption due to aggregate supn contributions being greater than the concessional limit
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Kevin, Kellie
see my response to Kevin's comment above0
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