Money down under!
April 18, 2009 4:36 AM Subscribe
Personal accounting help please? Australian with PAYG, Superannuation, and so on.
I know you are not my accountant or financial advisor or taxman. I'm Setting up personal accounts in GnuCash.
How does one account for PAYG withholding? I'm assuming it's an asset until 31 June, when its used to pay for the tax expense. Any refund goes from this asset to the bank account asset where the refund goes, but if I need to pay more, it's a split transaction to tax expenses from bank account and PAYG account. This leaves the question of how I find out how much is withheld. What if I've worked for a few different companies, and/or haven't been keeping track?
Secondly, superannuation. I assume that the withholding from my salary goes into a superannuation account, and any investment profit or loss comes from an 'investment income' account.
I think I know how to deal with the few personal loans I have. Liability is how much remaining on the loan, each payment is a split to interest expense and a (disappointingly small) amount of principal.
Also, bills go from expenses to an account payable liability. Then when I actually pay it, from the bank account to accounts payable, right?
Thanks for your time, MeFi!
I know you are not my accountant or financial advisor or taxman. I'm Setting up personal accounts in GnuCash.
How does one account for PAYG withholding? I'm assuming it's an asset until 31 June, when its used to pay for the tax expense. Any refund goes from this asset to the bank account asset where the refund goes, but if I need to pay more, it's a split transaction to tax expenses from bank account and PAYG account. This leaves the question of how I find out how much is withheld. What if I've worked for a few different companies, and/or haven't been keeping track?
Secondly, superannuation. I assume that the withholding from my salary goes into a superannuation account, and any investment profit or loss comes from an 'investment income' account.
I think I know how to deal with the few personal loans I have. Liability is how much remaining on the loan, each payment is a split to interest expense and a (disappointingly small) amount of principal.
Also, bills go from expenses to an account payable liability. Then when I actually pay it, from the bank account to accounts payable, right?
Thanks for your time, MeFi!
This thread is closed to new comments.
PAYG withholding - even if you haven't been keeping track, most payslips will contain a financial year-to-date gross amount paid and tax paid on your behalf. Unless you've routinely had either large refunds or large debts, or you know of a particular circumstance this year (eg working only part of the year), it's unlikely you'll get a large refund. As witholding will likely roughly equal tax, why not just leave it out and then add the refund/debt in once you know how much it will be?
Superannuation - why are you counting this? Stricly speaking; it's not your asset; it's more that it's held in trust on your behalf until you retire or until (something really bad happens and you can request a small amount). In addition, the amount of your investment may fluctuate wildly as it has been lately. As an ongoing thing, I'd be tempted to ignore this one too.
posted by quercus23 at 9:13 PM on April 19, 2009