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  • Examples of calculating the nominal interest

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    Quarter start date and effective start date in the same calendar year

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

    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. The cut-off date for contributions for this quarter is 28 July 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.

    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 for this quarter is 1 April 2009. Tree Pty Ltd enters this date in box A1.

    Label A1 on the worksheet

    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 September 2009.

    Tree Pty Ltd enters this date in box B1.

    Label B1 on the worksheet

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

    Label E1 on the worksheet

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

    Label F1 on the worksheet

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

    Yes - use step 2 to work out the nominal interest amount

    Step 2: Nominal interest - quarter start date and quarter effective date in the same calendar year

    The quarter effective date is not included as a nominal interest day.

    Work out the number of days between the quarter effective date and the quarter start date.

    Number of days between A1 and B1

    Number of days in calendar year (if leap year use 366)

    Number of days in calendar year

    Nominal interest

    Nominal interest

    The quarter effective date (30 September 2009) is not included as a nominal interest day, otherwise the number of days would be 183.

    The amount of nominal interest relating to Luke Kite's super guarantee charge for the quarter is $52.95.

    Do not go to step 3 or 4 in the worksheet.

    End of example
    Last modified: 25 Jan 2018QC 17278