Account Keeping Plus – Administration, Bookkeeping, Compliance News & Tips MYOB Reckon Quickbooks Xero Software TrainingSmall Business

Making Business Books and Accounting Come Alive! MYOB Reckon Xero

Employee Leaving or Terminated – Unused Leave

1 Comment


When an employee’s employment is finished or terminated, the tax on their unused leave is calculated differently to that of their ‘normal gross earnings’. 

Also, unused annual leave is different to other payments which are grouped as ETP’s – Eligible Termination Payments. ETP’s include payment for unused rostered days off, payment in lieu of notice (eg serious conduct dismissal), bona fide redundancy (position will not be available any more) and more.

 

MYOB  support notes have a great explanation of the components of leave, ETP’s, calculating the PAYG tax and seperating the tax-free portion in leave loading, and how to enter the final transaction. See http://myobaustralia.custhelp.com/cgi-bin/myobaustralia.cfg/php/enduser/std_adp.php?p_faqid=9150&p_created=1149578321&p_sid=opaJ_apk&p_accessibility=0&p_redirect=&p_srch=&p_lva=&p_sp=cF9zcmNoPSZwX3NvcnRfYnk9JnBfZ3JpZHNvcnQ9JnBfcm93X2NudD04NjgsODY4JnBfcHJvZHM9JnBfY2F0cz0mcF9wdj0mcF9jdj0mcF9zZWFyY2hfdHlwZT1hbnN3ZXJzLnNlYXJjaF9ubCZwX3BhZ2U9Mg!!&p_li=&p_topview=1.

 

Quickbooks/Quicken/Reckon have a short support note on entering the transaction. See http://www.quicken.com.au/support/FAQs.aspx.

Advertisements

Author: accountkeepingplus

Administration, bookkeeping and compliance for small business, and Self-Managed Super Funds (SMSF) Training, trouble-shooting, or we can do the books and payroll for you! Self Managed Superannuation Fund Service Provider, Free support MYOB Certified Consultant, Reckon/QuickBooks Professional Partner.

One thought on “Employee Leaving or Terminated – Unused Leave

  1. Pingback: MYOB – Quickbooks – Tax Threshold and Leave Loading – which do I use? « Accountkeepingplus – Admin Bookkeeping and Compliance News & Tips

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s