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JMBN
Level 1

How do I setup a concessional voluntary superannuation contribution in KeyPay? Is this the same a salary sacrifice? The employee is wanting to use this for the new FHSS.

 
1 Comment 1
IntuitSheila
Level 8

How do I setup a concessional voluntary superannuation contribution in KeyPay? Is this the same a salary sacrifice? The employee is wanting to use this for the new FHSS.

Hello JMBN,

 

Thanks for posting in the Community!

 

You can definitely set up the voluntary superannuation as a salary sacrifice in your QuickBooks Online Payroll account. And then, make sure to select the payment classification for the deduction type to report it correctly in your Single Touch Payroll report.

 

2 types of payment classification options in the deduction category settings:

 

  • Salary sacrifice (superannuation) - a salary sacrifice arrangement, entered into before the work is performed, where contributions are paid to a complying super fund, whereby the salary sacrifice is permanently foregone.
  • Salary sacrifice (other employee benefits) - a salary sacrifice arrangement entered for benefits other than for superannuation, where the salary sacrifice is permanently foregone, eg. novated lease, gym membership, workplace giving donations, car, property (goods, land, buildings, shares, and bonds), expense payments (loans, school fees, childcare costs, and home phone costs) and work-related items such as portable electronic devices and equipment.

 

You can check your salary sacrifice deduction categories by going to your Payroll Settings and clicking on Deduction Categories. If you have set up a pay run inclusion, please select the employee on your list and click on Pay run inclusions.

 

Also, you can check this link to learn more about Updating deduction categories for STP Phase 2.

 

Post again in the Community if you have more questions about QuickBooks Online. Have a great day!