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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 completed with date 01/04/2009

    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 completed with date 30/10/2009

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

    Label E1 completed with year 2009

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

    Label F1 completed with year 2010

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

    Yes No box. No selected: 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 completed with date 31/12/2009

    First day of the quarter effective date calendar year

    Label H1 completed with date 01/01/2010

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

    Label A1 01/04/2009 to label G1 31/12/2009 plus 1 equals C1 275 days

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

    Labe D1 365 days

    Proportion of the year used

    Label C1 275 days divided by label D1 365 days equals label L1 0.75

    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

    Label H1 01/01/2010 to label B1 30/10/2010 equals label C2 302 days

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

    Label D 365 days

    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

    Label C2 302 days divided by label D2 365 days equals label L2 0.83

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

    Number of years

    Label F1 2010 year minus label E1 2009 year minus 1 equals label L3 0 years.

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

    Nominal interest =

    Label L1 0.75 plus label L2 0.83 plus label L3 0 equals 1.58 multiplied 0.1 multiply label J $1062.00 equals label K $167.80

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

    End of example
    Last modified: 11 Oct 2018QC 17278