(Australia) Mal, born 24th October 1954 has worked fulltime for…
Question (Australia) Mal, born 24th October 1954 has worked fulltime for… (Australia)Mal, born 24th October 1954 has worked fulltime for Brooklyn & Sons since 15th April 2008. Mal Turnstile was made redundant on the 30th of June 2020 as his position is no longer required. His normal pay has already been paid. Brooklyn and Sons is not classified a small business.Mal is to be paid his redundancy/severance payRefer to Fairwork and pay according to the National Employment Standards (NES).No unauthorised or unpaid leave was takenMal did not work out the notice period as he was asked to leave immediately:In lieu of notice (as per NES) – 5 weeksLeave outstanding at the date of termination:Annual Leave – 8 weeksLong Service leave 14.5 weeksAdditional information$1,151 Gross weekly salaryMal’s Salary received year to date $527,852Tax withheld year to date is $233,005. Tax free threshold used / No leave loading REQUIRED:Using the Question 8 tab within the Excel template provided:Calculate the redundancy/severance and in lieu of notice amountCalculate the service period and Tax free limit of the redundancy paymentCalculate the tax free redundancy payment amount for MalCalculate the tax payable on the unused leave payments.Complete the STP labels for summary of payments declaration.Calculate the ETP:Select the Capping Threshold Type for this ETPEnter the other income the employee has received and calculate the Capping threshold amount available to employeeTax-Free Component of ETP.Taxable Component of ETP.Tax to withhold from the ETP.Net payment of the ETP. Mal’s Date of Birth 24th October 1954 Employment Start date 15/04/2008 Employment Termination date 30/06/2020 a) Redundancy/serverance pay (NES)Weekly Salary Weekly Salary amount multiply by weeks Total Redundancy/Severance In lieu of notice Weekly Salary 5 weeks Weekly Salary amount multiply by 5 weeks Total In lieu of notice Superannuation Contribution (SG)Calculate super due (if any) b) Completed years Tax free amount:Base Yearly amount multiply by service years Total tax free limit available c) Mal’s Paid Redundancy Tax free portion of Redundancy d) Mal’s Paid Unused Annual Leave 8 weeks Gross Amount PAYG tax amount to withhold Mal’s Paid Unused Long Service Leave 14.5 weeksGross Amount PAYG tax amount to withhold e) STP Reporting Category LabelsGross Payments Tax witheld Lump Sum A Lump Sum D f) ETP Calculations ETP amount: Calculating Employment Pre July 1983 Mal’s Employment Start date 15/04/2008 1/07/1983 Total Employment Days before 1/7/830 Calculating Employment Post June 83 30/06/1983 Mal’s Termination Date30/06/2020 Total Employment Days after 30 June 19834459 Calculating Total Eligible Employment Service Period Total Employment Days before 83 + Total Employment Days after 1983 4,459 i) Capping Threshold – Type (select from drop down in yellow cell) ii) Mal’s Other Income (Salary & Wages received) Capping Threshold Available to employee iii) Tax Free Component $ iv) Taxable Component $ Cap Tax rate % Tax withheld – within Cap $ Over Cap Tax rate % Tax withheld – Over Cap $ v) Total PAYG amount to withold vi) Net Payment Law Social Science Tax law ACCOUNTING AND BOOKKEPING FNSPAY503 Share QuestionEmailCopy link Comments (0)
