• Quarter start date and effective date in different calendar years

The following example shows you how to work out nominal interest where the quarter start date and quarter effective date fall in different calendar years.

To work out nominal interest, use a blank Nominal interest calculation worksheet.

Example

Luke Kite is an employee of Tree Pty Ltd during the quarter ended 30 June 2009. Tree Pty Ltd did not pay any super contributions for the quarter and the total super guarantee shortfall amount (from J) for Luke is \$1,062. The quarter's due date for lodgment of the super guarantee charge statement is 28 August 2009. Tree Pty Ltd is lodging the super guarantee charge statement on 30 October 2010.

Step 1: Quarterly dates

Quarter start date

In this instance, Tree Pty Ltd is reporting for the quarter ended 30 June 2009, so the quarter start date is 1 April 2009. Tree Pty Ltd enters this date in box A1.

Quarter effective date

The quarter effective date is the later of:

• the due date for lodgment of the Superannuation guarantee charge statement
• the actual lodgment date (the date the statement is lodged with us).

Tree Pty Ltd is preparing this statement after the due date (28 August 2009) and will lodge on 30 October 2010.

Tree Pty Ltd enters this date in box B1.

Calendar year of quarter start date (that is, the year the quarter start date is in)

Calendar year of quarter effective date (that is, the year the quarter effective date is in)

Is the calendar year of quarter start date (E1) and calendar year of quarter effective date (F1) the same year?

Step 3: Nominal interest - quarter start date and quarter effective date in different calendar years

Last day of the quarter start date calendar year

First day of the quarter effective date calendar year

Work out the number of days from the quarter start date up to and including the last day of the associated calendar year.

Number of days in the calendar year of the quarter start date (if leap year use 366)

Proportion of the year used

Work out the number of days from the first day of the calendar year up to and including the day prior to the quarter effective date.

Number of nominal interest days

Number of days in the calendar year of the quarter effective date (if leap year use 366)

The quarter effective date (30 October 2010) is not included as a nominal interest day, otherwise the number of days would be 303.

Proportion of the year used

Work out the number of complete calendar years in the calculation period (between the quarter start and effective dates).

Number of years

Step 4: Nominal interest calculation - quarter start date and quarter effective date in different calendar years

Nominal interest =

The amount of nominal interest relating to Luke Kite's super guarantee shortfall for the quarter is \$167.80.

End of example