(Australia)

Peter Aspens employment was terminated due to injury on 5 June 2020. Two medical practitioners signed off that his injury would prevent him from ever being employed in any capacity.

Peter received an ETP of $80,000. His employment commenced on 1 July 2011, and his last retirement date was to have been on 9 October 2022. Please note: He has no long service leave entitlement owed.

Additional Information:

• All Payroll details can be found in Alans card file within MYOB.
• Produce the Payroll report Register Summary to obtain the employee year to date gross wages figure.

1. Calculate Peters service period and other termination elements using the Microsoft Excel template provided on the student platform:

FNSPAY503 Final Assessment Calculations Template

REQUIRED:

Using the Task 4 tab within the Excel template provided:

1. Calculate the total employment service period
2. Calculate the Lost service period
3. Calculate the Total Eligible service Period
4. Calculate the Invalidity component
5. Calculate the Tax free and Taxable Component
6. Calculate the ETP tax withholding
7. Check your answers and save file

	ETP amount:
1
	Calculating Employment Pre July 1983
	Employment Start date
		1/07/1983
	Total Employment Days before 1/7/83
	Calculating Employment Post June 83
		30/06/1983
	Termination Date
	Total Employment Days after 30 June 1983
	Calculating Total Employment Service Period
	Total Employment Days before 83 + Total Employment Days after 1983
2
	Calculating future employment period (Lost service)
	Termination Date
	Retirement Date
	Toal lost service days
3
	Calculating Total Eligible Employment Service Period
	Total days in eligible service period
4
	Invalidity Component $
5
	Tax Free Component $
	Taxable Component $
6
	Capping Threshold - Type (select from drop down in yellow cell)
	Other Income (Salary & Wages received)
	Capping Threshold Available to employee
	Withholding Rate
	ETP - Tax withholding (Tax payable on taxable component)