Setting up salary sacrifice (Australia)
MYOB Exo Payroll has been designed to deal with many different forms of Superannuation payments including Salary Sacrifice, Superannuation Guarantee, Spouse Contributions and so on. The Superannuation payments are processed through the Superannuation section of the MYOB Exo Payroll.
In this article we will discuss how to setup and process Employee Salary Sacrifice through MYOB Exo Payroll.
- Start MYOB Exo Payroll and log into the company.
- Go to Maintenance screen either through Tool Bar or Menu Bar at the top or simply press F2.
- Select Superannuation from the list.
- Click on Add or press F4 from the bottom of select Superannuation screen.
- A blank Superannuation maintenance screen will appear.
- Select Employee Superannuation from Superannuation Type Drop Box.
- Enter a numeric value in Code field and press enter.
- Select appropriate Salary Sacrifice option from Contribution Type Box.
- Tick the RESC option if the amount is to be reported to ATO as Reportable Employer Superannuation Contributions.
- Calculation method can be % or gross or Fixed Dollar Amount.
- Depending upon what option is being selected in Calculation Method box, Percentage Rate or Amount field will became available for input of data.
- Enter an appropriate name for this Superannuation.
- Link this Superannuation to a Superannuation provider.
- Apply correct Cost Centre.
- Now the last option is to configure the liability. Select Liability tab and tick the items you don't want this Superannuation to be gross liable for.
Save the setting and exit out from Maintenance screen.
To start using this Salary Sacrifice Superannuation item, assign it to the appropriate employee's Standard Pay and in the future it will be loaded into the Current Pay.
Need more help? You can open the online help by pressing F1 on your keyboard while in your software.
You can also find more help resources on the MYOB Exo Employer Services Education Centre for Australia or New Zealand.