U3 Superannuation

It is advisable to complete the U3 worksheet after completing the U1 worksheet for salary and wages.

The salary and wages amounts for each quarter should appear in column D of the table, along with the calculation of the prima facie superannuation guarantee contributions for that quarter.

Enter the amount of superannuation paid for each quarter in their respective columns. This may include amounts paid after the quarter end as allowed by superannuation guarantee law.

The difference will appear, along with a question as to whether the superannuation guarantee charge was applied to the entity.

Explanation of variances

A box at the bottom of the worksheet allows you to explain the variance between the general ledger and the amounts that should have been paid as per superannuation guarantee law.

Details of variances may include amounts paid over the SG amount due to employee salary sacrifice and directors contributions.

Accounts payable at year end

The worksheet allows you to enter the amounts remaining outstanding at year end. This amount will transfer to the A1 tax reconciliation worksheet as this amount cannot be claimed as a tax deduction in the income year.