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  • 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.

    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 October 2010.

    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?

    No - use steps 3 and 4 to work out the nominal interest amount

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

    Last day of the quarter start date calendar year

    Label G1 on the worksheet

    First day of the quarter effective date calendar year

    Label H1 on the worksheet

    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 between A1 and G1

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

    Number of days in calendar year

    Proportion of the year used

    Number of days between C1 and D1

    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 between H1 and B1

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

    Number of days in calendar year

    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

    Number of days between C2 and D2

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

    Number of years

    Number of years between F1 and E1

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

    Nominal interest =

    Nominal interest

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

    End of example
    Last modified: 25 Jan 2018QC 17278