Recording Australian Salary with Super and salary sacrifice

[Liz]

On Sun, 30 Dec 2012 10:08:44 +1100
Chris Henderson <henders254 at gmail.com> wrote:

> I'd like to confirm recording Australian Salary with Super (amount
> employer pays into retirement fund; usually 9% of gross salary) and
> salary sacrifice (amount I contribute to Super; comes out of gross
> salary).
> 
> Basically, I'd like to keep things simple and don't want to record tax
> if I can do away with it.
> 
> Salary gets paid into my checking account.
> 
> Open checking account tab, type employer name and click split
> transaction: In the first split: "My Net Pay" : Current
> Asset:Checking Account: Deposit: $1000
> In the second split: "My Salary": Income:Salary: Withdraw: $1000
> In the third split: "My Super": Investment:Retirement: Deposit: $50
> In the fourth split: "My Salary Sacrifice": Investment:Retirement:
> Deposit: $20
> 
> Is this correct?
> 
> Thanks.
> _______________________________________________
>

No, because the numbers don't add up.

think about exactly what you are recording
you said you didn't want gross income with tax
so you are receiving [net pay] + [compulsory super]
to your super account goes [compulsory super + salary sacrifice]

I'd make two separate transactions from your employer
[net pay] which is split into 2 accounts [cheque account] and [super
account]
and 
[compulsory super] which just goes to [super account]

I guess that you want to track all deposits to your super account so
you don't exceed the cap in any financial year.