Record Superannuation Salary Sacrifice

Please check the current GST and tax ruling with the company's accountant before recording a superannuation salary sacrifice transaction in Jim2. Please note that tax code X must be used for all superannuation accounts.

▪Use the current 6-XXXX Superannuation Expense and 2-XXXX Superannuation Liability accounts to record the Salary Sacrifice amounts.

▪Add to Payroll general journal as shown below.

Note: Account Code 63660 is the Superannuation account in the above image. The line below shows the same account number has simply had - Salary Sacrifice added in the Name field. It is best to do it this way so the payment can come out of the superannuation account.

–Debit 6-XXXX Superannuation Expense Account $XX using tax code X.

–Credit 2-XXXX Superannuation Liability Account $XX using tax code X.

Enter the combined liability, or add another line to record the salary sacrifice amount separately.

▪Add specific Superannuation Salary Sacrifice Expense and Liability Accounts.

a)Expense Account – 6-XXXX Superannuation – Salary Sacrifice.

b)Liability Account – 2-XXXX Superannuation – Salary Sacrifice.

•Add to Payroll general journal, include two extra lines:

c)Debit Expense Account – 6-XXXX Superannuation – Salary Sacrifice $XX (Tax code X).

d)Credit Liability Account – 2-XXXX Superannuation – Salary Sacrifice $XX (Tax code X).

When paying the superannuation fund using the cheque book, include the salary sacrifice amount and enter as a separate line on the cheque entry.

Further information

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