Coming Soon: Updates to Gross Calculation Method

We would like to let you know about an important change to the way we calculate Gross pay in the foundU platform. Based on your valuable feedback, we are making this change to simplify the calculation method and align it with standard practices, including those set by the Australian Taxation Office (ATO). 

 

New Gross Calculation Method 
The new Gross calculation will be defined as follows:  

 

Previously, we have been displaying Taxable Gross. The calculation for which is: 
Gross = Wages + Taxable Allowances - Gross Deductions - Salary Sacrifice Super 

 

The key benefits of this change are: 

• Your platform’s Gross value will be aligned with the ATO.
• Reconciling will be easier. 
• Your foundU reporting will be more compatible with external systems.

The specifics and launch dates for your platform have been emailed to Super Admin Users and users with access to the Pay page, please check your inbox and get in touch if you haven't received the email.