Articles Blog
Bookkeeping – Reportable Employer Super Contribution (RESC) on Payment Summaries – do we Gross UP?
- Details
-
Published on Tuesday, 23 September 2014 21:14
If you need to report RESC including salary sacrifice (non-super) a caller asked if the amounts need to Grossed Up for the Payment Summaries?
No - you do not need. Just link the “extra” or salary sacrifice super categories to be reported at RESC as they are, and not grossed up like FBT is.
Reportable employer super contributions are those contributions the employer makes for staff where all of the following apply:
- you influenced the amount or rate of super your employer contributes
- the contributions are additional to the compulsory contributions your employer must make under any of the following:
- Super Guarantee Law
- Industrial Agreement
- Trust Deed or Governing Rules of a Super Fund
- Federal, State or Territory Law.
For Example - Jane is paid a salary $100,000 gross plus the Super Guarantee of 9.5% ($9,500). Jane requests to salary sacrifice $10,000 off her gross wage to her nominated super fund. The Employer now pays Jane $90,000 gross and $19,500 is sent to her super fund.
Jane's reportable super amount on her payment summary at year end is $10,000.
To learn more at the ATO site, click HERE
Get Your FREE “Avoid these GST mistakes”
There is 18 that the Tax Office see regularly – Get them right!
Need help? Not sure? Call for FREE 30min advice / Strategy session today!
Call 0407 361 596 Aust
