• You paid some super to the correct fund before the cut-off date and also paid some late

    Example

    Alys Smith started employment with Cost Pty Ltd on 3 October 2009 and was employed for the rest of the quarter ended 31 December 2009.

    Cost Pty Ltd paid a $900 super guarantee contribution to Neat Superannuation Fund (Alys's nominated fund) on 10 January 2010 (before the cut-off date). Cost Pty Ltd also paid $600 super guarantee contribution to Alys's nominated fund on 12 February 2010 (after the cut-off date). In this example, Cost Pty Ltd has chosen to have the late contribution applied as the maximum allowable offset. Cost Pty Ltd lodged the statement on 28 February 2010.

    Step 1 (A): Employee quarterly information

    Q1 How much super have you paid for this employee for the quarter (include on time and late payments)?

    Label A on the worksheet

    Q2 How much super did you pay by the cut-off date for this employee for the quarter?

    Label B on the worksheet

    Q3 How much super did you pay by the cut-off date to the employee's chosen fund for the quarter?

    Label C on the worksheet

    Do not include any contributions made to the employee's chosen fund where you charged your employee a direct cost for making contributions to the fund.

    Make sure you include contributions you made within two months of your employee giving you details of their chosen fund, even if you paid them to a fund other than the employee's chosen fund.

    Q4 What is the employee's total salary or wages for the quarter, limited to the maximum contribution base?

    Label D on the worksheet

    Q5 What is the employee's earnings base for the quarter, limited to the maximum contribution base?

    Label E on the worksheet

    Step 1 (B): Simple calculation of employee super guarantee shortfall

    For this example step 1 (B) is not required. Go to step 2.

    Step 2: Employee preparation calculations

    Work out the percentage of super guarantee contribution paid by the cut-off date.

    The percentage of super guarantee contribution paid by the cut-off date

    Since B = C go to step 3.

    Step 3: Employee super guarantee shortfall calculations

    Work out the employee's super guarantee shortfall (excluding choice)

    The employee's super guarantee shortfall (excluding choice)

    Since B = C there is no choice liability for Alys, I is zero.

    Label I on the worksheet

    Employee's subtotal (H + I)

    Label J on the worksheet

    Step 4: Do you want to claim a late payment offset for this employee?

    Q1 Have you paid and had accepted any contribution into your employee's fund after the cut-off date for the quarter?

    Yes

    Q2 Has an original SGC assessment been made by the ATO for this period?

    No go to question 4.

    Q3 Was the late payment for this employee received by the fund before the original SGC assessment was made for this period?

    Yes No you cannot make a late payment election. Go to step 6.

    Q4 Do you want to make a late payment election for this employee?

    Yes

    Cost Pty Ltd has elected to have the late contribution applied as an offset.

    Step 5: Employee late payment offset election amount

    What is the total of late payments?

    Label A less Label B

    Cost Pty Ltd has decided to maximise the offset available. Therefore, the late payment election amount for Alys is $600.00.

    In this example the late payment offset election amount of $600 is greater than the employee's subtotal of $519 from step 3 (label J). You will need to work out the nominal interest for this employee. Refer to the Nominal interest calculation worksheet (NAT 72393).

    Nominal interest =

    Nominal interest

    Work out the employee maximum offset election amount.

    The employee maximum offset amount

    # K is the amount of nominal interest calculated for this employee on the Nominal interest calculation worksheet (NAT 72393).

    The late payment offset amount allowed cannot be greater than the employee's maximum offset amount at R above.

    Write this amount at question 20 (label N) of the statement for Alys.

    Enter the lesser amount at N below.

    Employee's late payment offset election amount.

    Employee's late payment offset election amount

    Since Cost Pty Ltd is choosing to offset the maximum allowed, they would enter $540.28 at question 21 (label N) of the statement. The remaining $59.72 of the $600 late payment may be used by Cost Pty Ltd as a prepayment for contributions for Alys for a later quarter or as a late payment for some other period they have a super guarantee charge for.

    Step 6: Transferring employee information

    Transfer the amounts at labels H, I, J and N to section C of the statement for this employee. If label I equals 0 for this employee, answer 'Yes' at question 16 of the statement, otherwise answer 'No'.

    You will need to include your answers from step 4 at question 19 of the statement.

    End of example
    Last modified: 13 Sep 2016QC 17278