How will the superannuation corrections work after year end?
In the past PCT deducted superannuation at a fixed percentage.
Under nGMS we had to state our estimation of our profits for 2004/5 and the
PCT deducts superannuation according to this. But this will need to be
adjusted to take account of actual profits for 2004/5.
We have had two partners leave during this accounting period, and will need
to draw up accounts to give them their closing balance. But this calculation
will need to take account of any extra needing to be paid to the PCT for
correction of superannuation payments, since the estimate that I stated will
be exceeded. I don't want to pay off their balance of the accounts and then
have the PCT coming after us for their superannuation.
Does anyone know what is the mechanism for these adjustments to
superannuation after the year end accounts are done?
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Simon Child
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