Question
Hawthorn International Pty Ltd has not complied with the Superannuation Guarantee Scheme for their three employees. Their superannuation guarantee percentage is 9.5%. Employees have been
Hawthorn International Pty Ltd has not complied with the Superannuation Guarantee Scheme for their three employees. Their superannuation guarantee percentage is 9.5%.
Employees have been provided with annual superannuation support equivalent to only 6% of their earnings base.
The employees' earnings base for quarter 2, 2018/19 was the ordinary times earnings of $56,000. The employees' total earnings including overtime for the quarter was $84,000.
Hawthorn Pty Ltd lodged a SGC Quarterly Statement on 20 February 2019.
(i) Calculate the amount of superannuation guarantee Hawthorn would have already contributed to a complying fund.
$56,000 x 6% = $3,360 |
(ii) Calculate the employees' shortfall percentage and the shortfall dollar amount.
(iii) Calculate the nominal interest component. Assume 365 days in the year.
(iv) Calculate the administration component.
$20 x 3 = $60 |
I am having a bit of trouble calculating ii & iii can you please explain the workings for these two calculations?
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