To determine whether the employer has any outstanding obligation for superannuation at year end we need to:

Question

Quizplus · Accepted Answer

To determine whether the employer has any outstanding obligation for superannuation at year end, we need to compare the closing obligation (which represents the amount that the employer owes to the employees for their superannuation entitlements) with the fair value of the plan's assets (which represents the assets available in the superannuation fund to pay for those entitlements). If the closing obligation exceeds the fair value of the plan's assets, then the employer has an outstanding obligation to make up the shortfall.

To Determine Whether the Employer Has Any Outstanding Obligation for Superannuation