I have a question how to record this transaction into journal, hopefully you will be able to sort it out.
If an employee has a gross wages $4000.00 and tax withheld $1000.00
as well as the company pay 11% of super which is 440.00 then I will make
a journal will be :
Payg liability 1000.00
Cash (to super) 440.00
Cash (to Staff) 3000.00
However my question is if an employee will contribute extra $300.00
to her super and will be deducted from her salary, is it call salary
sacrifice? and how to make the journal to this transactions?
as information :
Staff will receive $ 2700.00 ($3000.00 – $300.00) because she sacrifice her salary $300.00 into super then she receive her salary less.
How to make the final journal? I tried to make it but there is gap $300.00 and I dont know how to allocate it.