One off RESC payment to show on payrment summary
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Pam_9173848
Member Posts: 34 ✭
Hello does anyone know how to enter a RESC payment from the employer which is a one off payment at yr end? I am using Reckon Hosted. I have tried lots of different ways but cannot just make a super payment on its own without putting a gross figure in the wages. There must be a way I havent thought of.
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Comments
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Hi Pam. I think that you must refer this to your tax advisor as I don't think that an employer can make an RESC payment. Rather this sounds like an employer above SGC payment for which there is a special code and which needs to be reported specially on Payment Summaries. There was a discussion on this forum about this about a week ago. For your info, this is what the ATO says about salary sacrificing super which is an arrangement relating to future earnings:
"A salary sacrifice arrangement is also commonly referred to as salary packaging or total remuneration packaging. It is an arrangement between an employer and an employee, where the employee agrees to forgo part of their future entitlement to salary or wages. This is in return for the employer providing them with benefits of a similar value".
Your query does not seem to relate to future earnings.
John L G1 -
Hello everyone thankyou for your replies. Ill explain further then, the employee is the employer the sole director in his own Pty Ltd company) and the accountant took back the wages and payg already paid and made the wages a base wage for the year. This left me with a load of super that has already been paid and when I adjusted the wages the super of course disappeared and left me with paid super and no expense/liability to put it to.. so it is an agreed arrangement, and not a salary sacrifice, but I would like it to display on the ledgers correctly, having done this in other programmes as well, but Reckon doesnt seem to have the ability. .0
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I am having the exact same problem and am trying to get to the bottom of this also Pam, can anyone help please
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Hello Pam and Kathryn,
Under normal super guarnatee guidelines you will need to give the director a pay (Additional Payroll item perhaps) and then include a Super Salary Sacrifice at 100%.
If there is another category under which this Super Salary Sacrifice is given to the director, then you should speak with your accountant. Reckon Accounts cannot handle Super reporting outside the normal super guarantee process.
regards,
John1 -
Hello John yes thankyou for reply - I downloaded a document of yours from some time ago and set it up, although it was a good guideline, I still required help from support to do the intricacies like showing separately on the P/L and balance sheet for a good audit tracker. All done and all good. Kathryn I did have to make a payroll item and set it up appropriately as said, with help from document and support and the payment summary came out as it should have. Just go slowly as there is a lot of matching and joining to do to make it show correctly if you want it to show in P/L and Balance Sheet0
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Hi Pam,
Good to hear that you have your accounts showing what you need.
I am intrigued though, did not the additional payroll item used to give the Director a pay from which you took out the Super Salary Sacrifice not show up in your Profit & Loss?
regards,
John0 -
Thanks, have spoken with Accountant and problem fixed0
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Hi John I was mulling over your question for a couple of days as I think in your intrigue question there is one too many nots in the sentence. So Ill answer as best I can. Yes the salary sacrifice did show up in P/L as I set it to show separately. My end of year worked and balanced perfectly.0
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