Sample LSP Computation

Below is a sample computation report based on some fictitious data for you to appreciate what LSP Genie Pro can do for you to satisfy the requirement in LSP accounting. Feel free to click the buttons below the title to print the report to PDF file or copy the data to Excel. You may also download the report in PDF format directly.

Acme Corporation LSP Computation for Fiscal Year 2023/24

Prepared using LSP Genie at https://HKAccount.ing/

LSP Computation Parameters

Run Time 2024-02-24 01:47:34
Staffers Included/ Tokens Used 10
Fiscal Year 2023/24
LSP Transition Year 2024/25
Interest Rate 3.00%
Minimum Expected Years of Service for Provision 5
Expected Years of Service Varies
Expected Future Salary Growth Varies
LSP Benefit Cap Varies
Last Full Month Salary Cap Varies

LSP Journal Entries for Current Year

FY 2023/24

Entry for Current Service Cost: FY 2023/24 Monthly
Dr. P/L – Current Service Cost 139,291.54 11,607.63
Dr. P/L – Interest Cost 27,181.80 2,265.15
Cr. LSP Payable -166,473.34 -13,872.78
Entry for Offsetable Amount: FY 2023/24 Monthly
Dr. LSP Payable 95,668.88 7,972.41
Cr. P/L – Current Service Cost -78,601.57 -6,550.13
Cr. P/L – Interest Cost -17,067.31 -1,422.28
Entry for Service Cost Prior Year Adjustment: FY 2023/24
Dr. R/E – Cumulative Service Cost 906,060.34
Cr. LSP Payable -906,060.34
Entry for Offsetable Amount Prior Year Adjustment: FY 2023/24
Dr. LSP Payable 568,910.16
Cr. R/E – Cumulative Service Cost -568,910.16

LSP Fiscal Year Summary

      Long Service Payment Negative Service Cost
ID Name Salary Opening Balance Interest Current Cost Closing Balance Opening Balance Interest Current Cost Closing Balance
  Total 3,640,000.00 906,060.34 27,181.80 139,291.54 1,072,533.69 568,910.16 17,067.31 78,601.57 664,579.02
A001 Aaron 500,000.00 216,755.47 6,502.66 27,907.27 251,165.41 70,137.99 2,104.14 9,030.27 81,272.39
B002 Betty 500,000.00 215,749.73 6,472.49 27,777.78 250,000.00 215,749.73 6,472.49 27,777.78 250,000.00
C003 Colin 240,000.00 57,338.59 1,720.16 14,764.69 73,823.43 5,733.86 172.02 1,476.47 7,382.34
D004 Demi 240,000.00 100,945.74 3,028.37 12,996.76 116,970.87 90,489.21 2,714.68 11,650.49 104,854.37
E005 Eric 240,000.00 99,063.36 2,971.90 12,754.41 114,789.67 79,866.91 2,396.01 10,282.86 92,545.78
F006 Fiona 240,000.00 97,730.35 2,931.91 12,582.78 113,245.05 71,078.96 2,132.37 9,151.42 82,362.75
G007 Gary 480,000.00 43,345.28 1,300.36 11,161.41 55,807.04 14,448.43 433.45 3,720.47 18,602.35
H008 Helen 400,000.00 75,131.81 2,253.95 19,346.44 96,732.21 21,405.07 642.15 5,511.81 27,559.03
I009 Ivor 400,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
J010 Janet 400,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

LSP Benefit Summary

        Pre-Transition (Till 2023/24) Post-Transition (From 2024/25) LSP Benefit
ID Name Hire Year Exp. Years of Service Last Monthly Salary Years of Service Long Service Payment Last Monthly Salary Years of Service Long Service Payment Total Benefit (After Cap) Total Benefit Cap Last Full Month Salary Cap
  Total         1,112,777.78     1,689,250.76 2,751,974.25    
A001 Aaron 2015/16 20 41,666.67 9 250,000.00 71,264.14 11 522,603.69 772,603.69 No Cap No Cap
B002 Betty 2015/16 9 41,666.67 9 250,000.00 0.00 0 0.00 250,000.00 No Cap No Cap
C003 Colin 2019/20 25 20,000.00 5 66,666.67 134,550.00 20 600,000.00 666,666.67 780,000 45,000
D004 Demi 2015/16 10 20,000.00 9 120,000.00 20,800.00 1 13,866.67 133,866.67 390,000 22,500
E005 Eric 2015/16 11 20,000.00 9 120,000.00 21,632.00 2 28,842.67 148,842.67 390,000 22,500
F006 Fiona 2015/16 12 20,000.00 9 120,000.00 22,497.28 3 44,994.56 164,994.56 390,000 22,500
G007 Gary 2019/20 15 40,000.00 5 75,000.00 59,209.77 10 150,000.00 225,000.00 500,000 22,500
H008 Helen 2019/20 15 33,333.33 5 111,111.11 49,341.48 10 328,943.17 390,000.00 390,000 No Cap
I009 Ivor 2020/21 4 33,333.33 4 0.00 0.00 0 0.00 0.00 390,000 22,500
J010 Janet 2021/22 4 33,333.33 3 0.00 34,666.67 1 0.00 0.00 390,000 22,500

LSP By Staffer Projections

Staffer: Aaron (A001)

(1 of 10)
Fiscal Year 2023/24
LSP Transition Year 2024/25
Interest Rate 3.00%
Expected Years of Service 20
Expected Future Salary Growth 5.00%
LSP Benefit Cap No Cap
Last Full Month Salary Cap No Cap
Long Service Payment Negative Service Cost
Financial Year Salary Projection Opening Balance Interest Current Cost Closing Balance Opening Balance Interest Current Cost Closing Balance
2015/16 0.00 0.00 22,030.25 22,030.25 0.00 0.00 7,128.58 7,128.58
2016/17 22,030.25 660.91 22,691.16 45,382.32 7,128.58 213.86 7,342.43 14,684.87
2017/18 45,382.32 1,361.47 23,371.90 70,115.69 14,684.87 440.55 7,562.71 22,688.12
2018/19 70,115.69 2,103.47 24,073.05 96,292.22 22,688.12 680.64 7,789.59 31,158.35
2019/20 96,292.22 2,888.77 24,795.25 123,976.23 31,158.35 934.75 8,023.27 40,116.37
2020/21 123,976.23 3,719.29 25,539.10 153,234.62 40,116.37 1,203.49 8,263.97 49,583.84
2021/22 153,234.62 4,597.04 26,305.28 184,136.93 49,583.84 1,487.52 8,511.89 59,583.24
2022/23 184,136.93 5,524.11 27,094.43 216,755.47 59,583.24 1,787.50 8,767.25 70,137.99
2023/24 500,000.00 216,755.47 6,502.66 27,907.27 251,165.41 70,137.99 2,104.14 9,030.27 81,272.39
2024/25 525,000.00 251,165.41 7,534.96 28,744.49 287,444.85 81,272.39 2,438.17 9,301.17 93,011.74
2025/26 551,250.00 287,444.85 8,623.35 29,606.82 325,675.02 93,011.74 2,790.35 9,580.21 105,382.30
2026/27 578,812.50 325,675.02 9,770.25 30,495.02 365,940.29 105,382.30 3,161.47 9,867.62 118,411.39
2027/28 607,753.13 365,940.29 10,978.21 31,409.88 408,328.38 118,411.39 3,552.34 10,163.64 132,127.37
2028/29 638,140.78 408,328.38 12,249.85 32,352.17 452,930.40 132,127.37 3,963.82 10,468.55 146,559.74
2029/30 670,047.82 452,930.40 13,587.91 33,322.74 499,841.05 146,559.74 4,396.79 10,782.61 161,739.15
2030/31 703,550.21 499,841.05 14,995.23 34,322.42 549,158.70 161,739.15 4,852.17 11,106.09 177,697.41
2031/32 738,727.72 549,158.70 16,474.76 35,352.09 600,985.55 177,697.41 5,330.92 11,439.27 194,467.60
2032/33 775,664.11 600,985.55 18,029.57 36,412.65 655,427.77 194,467.60 5,834.03 11,782.45 212,084.08
2033/34 814,447.31 655,427.77 19,662.83 37,505.03 712,595.64 212,084.08 6,362.52 12,135.92 230,582.52
2034/35 855,169.68 712,595.64 21,377.87 38,630.18 772,603.69 230,582.52 6,917.48 12,500.00 250,000.00

Staffer: Betty (B002)

(2 of 10)
Fiscal Year 2023/24
LSP Transition Year 2024/25
Interest Rate 3.00%
Expected Years of Service 9
Expected Future Salary Growth 5.00%
LSP Benefit Cap No Cap
Last Full Month Salary Cap No Cap
Long Service Payment Negative Service Cost
Financial Year Salary Projection Opening Balance Interest Current Cost Closing Balance Opening Balance Interest Current Cost Closing Balance
2015/16 0.00 0.00 21,928.03 21,928.03 0.00 0.00 21,928.03 21,928.03
2016/17 21,928.03 657.84 22,585.88 45,171.75 21,928.03 657.84 22,585.88 45,171.75
2017/18 45,171.75 1,355.15 23,263.45 69,790.35 45,171.75 1,355.15 23,263.45 69,790.35
2018/19 69,790.35 2,093.71 23,961.36 95,845.42 69,790.35 2,093.71 23,961.36 95,845.42
2019/20 95,845.42 2,875.36 24,680.20 123,400.98 95,845.42 2,875.36 24,680.20 123,400.98
2020/21 123,400.98 3,702.03 25,420.60 152,523.61 123,400.98 3,702.03 25,420.60 152,523.61
2021/22 152,523.61 4,575.71 26,183.22 183,282.54 152,523.61 4,575.71 26,183.22 183,282.54
2022/23 183,282.54 5,498.48 26,968.72 215,749.73 183,282.54 5,498.48 26,968.72 215,749.73
2023/24 500,000.00 215,749.73 6,472.49 27,777.78 250,000.00 215,749.73 6,472.49 27,777.78 250,000.00

Staffer: Colin (C003)

(3 of 10)
Fiscal Year 2023/24
LSP Transition Year 2024/25
Interest Rate 3.00%
Expected Years of Service 25
Expected Future Salary Growth 10.00%
LSP Benefit Cap 780,000
Last Full Month Salary Cap 45,000
Long Service Payment Negative Service Cost
Financial Year Salary Projection Opening Balance Interest Current Cost Closing Balance Opening Balance Interest Current Cost Closing Balance
2019/20 0.00 0.00 13,118.23 13,118.23 0.00 0.00 1,311.82 1,311.82
2020/21 13,118.23 393.55 13,511.78 27,023.56 1,311.82 39.35 1,351.18 2,702.36
2021/22 27,023.56 810.71 13,917.13 41,751.40 2,702.36 81.07 1,391.71 4,175.14
2022/23 41,751.40 1,252.54 14,334.65 57,338.59 4,175.14 125.25 1,433.46 5,733.86
2023/24 240,000.00 57,338.59 1,720.16 14,764.69 73,823.43 5,733.86 172.02 1,476.47 7,382.34
2024/25 264,000.00 73,823.43 2,214.70 15,207.63 91,245.76 7,382.34 221.47 1,520.76 9,124.58
2025/26 290,400.00 91,245.76 2,737.37 15,663.86 109,646.99 9,124.58 273.74 1,566.39 10,964.70
2026/27 319,440.00 109,646.99 3,289.41 16,133.77 129,070.18 10,964.70 328.94 1,613.38 12,907.02
2027/28 351,384.00 129,070.18 3,872.11 16,617.79 149,560.07 12,907.02 387.21 1,661.78 14,956.01
2028/29 386,522.40 149,560.07 4,486.80 17,116.32 171,163.19 14,956.01 448.68 1,711.63 17,116.32
2029/30 425,174.64 171,163.19 5,134.90 17,629.81 193,927.89 17,116.32 513.49 1,762.98 19,392.79
2030/31 467,692.10 193,927.89 5,817.84 18,158.70 217,904.43 19,392.79 581.78 1,815.87 21,790.44
2031/32 514,461.31 217,904.43 6,537.13 18,703.46 243,145.03 21,790.44 653.71 1,870.35 24,314.50
2032/33 565,907.45 243,145.03 7,294.35 19,264.57 269,703.94 24,314.50 729.44 1,926.46 26,970.39
2033/34 622,498.19 269,703.94 8,091.12 19,842.50 297,637.57 26,970.39 809.11 1,984.25 29,763.76
2034/35 684,748.01 297,637.57 8,929.13 20,437.78 327,004.47 29,763.76 892.91 2,043.78 32,700.45
2035/36 753,222.81 327,004.47 9,810.13 21,050.91 357,865.52 32,700.45 981.01 2,105.09 35,786.55
2036/37 828,545.09 357,865.52 10,735.97 21,682.44 390,283.93 35,786.55 1,073.60 2,168.24 39,028.39
2037/38 911,399.60 390,283.93 11,708.52 22,332.91 424,325.36 39,028.39 1,170.85 2,233.29 42,432.54
2038/39 1,002,539.56 424,325.36 12,729.76 23,002.90 460,058.02 42,432.54 1,272.98 2,300.29 46,005.80
2039/40 1,102,793.52 460,058.02 13,801.74 23,692.99 497,552.75 46,005.80 1,380.17 2,369.30 49,755.27
2040/41 1,213,072.87 497,552.75 14,926.58 24,403.78 536,883.11 49,755.27 1,492.66 2,440.38 53,688.31
2041/42 1,334,380.16 536,883.11 16,106.49 25,135.89 578,125.49 53,688.31 1,610.65 2,513.59 57,812.55
2042/43 1,467,818.17 578,125.49 17,343.76 25,889.97 621,359.22 57,812.55 1,734.38 2,589.00 62,135.92
2043/44 1,614,599.99 621,359.22 18,640.78 26,666.67 666,666.67 62,135.92 1,864.08 2,666.67 66,666.67

Staffer: Demi (D004)

(4 of 10)
Fiscal Year 2023/24
LSP Transition Year 2024/25
Interest Rate 3.00%
Expected Years of Service 10
Expected Future Salary Growth 4.00%
LSP Benefit Cap 390,000
Last Full Month Salary Cap 22,500
Long Service Payment Negative Service Cost
Financial Year Salary Projection Opening Balance Interest Current Cost Closing Balance Opening Balance Interest Current Cost Closing Balance
2015/16 0.00 0.00 10,259.77 10,259.77 0.00 0.00 9,197.00 9,197.00
2016/17 10,259.77 307.79 10,567.56 21,135.12 9,197.00 275.91 9,472.91 18,945.82
2017/18 21,135.12 634.05 10,884.59 32,653.76 18,945.82 568.37 9,757.10 29,271.29
2018/19 32,653.76 979.61 11,211.12 44,844.49 29,271.29 878.14 10,049.81 40,199.24
2019/20 44,844.49 1,345.33 11,547.46 57,737.28 40,199.24 1,205.98 10,351.31 51,756.53
2020/21 57,737.28 1,732.12 11,893.88 71,363.28 51,756.53 1,552.70 10,661.84 63,971.07
2021/22 71,363.28 2,140.90 12,250.70 85,754.87 63,971.07 1,919.13 10,981.70 76,871.90
2022/23 85,754.87 2,572.65 12,618.22 100,945.74 76,871.90 2,306.16 11,311.15 90,489.21
2023/24 240,000.00 100,945.74 3,028.37 12,996.76 116,970.87 90,489.21 2,714.68 11,650.49 104,854.37
2024/25 249,600.00 116,970.87 3,509.13 13,386.67 133,866.67 104,854.37 3,145.63 12,000.00 120,000.00

Staffer: Eric (E005)

(5 of 10)
Fiscal Year 2023/24
LSP Transition Year 2024/25
Interest Rate 3.00%
Expected Years of Service 11
Expected Future Salary Growth 4.00%
LSP Benefit Cap 390,000
Last Full Month Salary Cap 22,500
Long Service Payment Negative Service Cost
Financial Year Salary Projection Opening Balance Interest Current Cost Closing Balance Opening Balance Interest Current Cost Closing Balance
2015/16 0.00 0.00 10,068.45 10,068.45 0.00 0.00 8,117.39 8,117.39
2016/17 10,068.45 302.05 10,370.50 20,741.00 8,117.39 243.52 8,360.91 16,721.82
2017/18 20,741.00 622.23 10,681.62 32,044.85 16,721.82 501.65 8,611.74 25,835.21
2018/19 32,044.85 961.35 11,002.06 44,008.26 25,835.21 775.06 8,870.09 35,480.36
2019/20 44,008.26 1,320.25 11,332.13 56,660.63 35,480.36 1,064.41 9,136.19 45,680.96
2020/21 56,660.63 1,699.82 11,672.09 70,032.54 45,680.96 1,370.43 9,410.28 56,461.67
2021/22 70,032.54 2,100.98 12,022.25 84,155.77 56,461.67 1,693.85 9,692.59 67,848.10
2022/23 84,155.77 2,524.67 12,382.92 99,063.36 67,848.10 2,035.44 9,983.36 79,866.91
2023/24 240,000.00 99,063.36 2,971.90 12,754.41 114,789.67 79,866.91 2,396.01 10,282.86 92,545.78
2024/25 249,600.00 114,789.67 3,443.69 13,137.04 131,370.40 92,545.78 2,776.37 10,591.35 105,913.50
2025/26 259,584.00 131,370.40 3,941.11 13,531.15 148,842.67 105,913.50 3,177.41 10,909.09 120,000.00

Staffer: Fiona (F006)

(6 of 10)
Fiscal Year 2023/24
LSP Transition Year 2024/25
Interest Rate 3.00%
Expected Years of Service 12
Expected Future Salary Growth 4.00%
LSP Benefit Cap 390,000
Last Full Month Salary Cap 22,500
Long Service Payment Negative Service Cost
Financial Year Salary Projection Opening Balance Interest Current Cost Closing Balance Opening Balance Interest Current Cost Closing Balance
2015/16 0.00 0.00 9,932.97 9,932.97 0.00 0.00 7,224.21 7,224.21
2016/17 9,932.97 297.99 10,230.95 20,461.91 7,224.21 216.73 7,440.94 14,881.88
2017/18 20,461.91 613.86 10,537.88 31,613.65 14,881.88 446.46 7,664.17 22,992.50
2018/19 31,613.65 948.41 10,854.02 43,416.08 22,992.50 689.78 7,894.09 31,576.37
2019/20 43,416.08 1,302.48 11,179.64 55,898.20 31,576.37 947.29 8,130.92 40,654.58
2020/21 55,898.20 1,676.95 11,515.03 69,090.17 40,654.58 1,219.64 8,374.84 50,249.06
2021/22 69,090.17 2,072.71 11,860.48 83,023.36 50,249.06 1,507.47 8,626.09 60,382.61
2022/23 83,023.36 2,490.70 12,216.29 97,730.35 60,382.61 1,811.48 8,884.87 71,078.96
2023/24 240,000.00 97,730.35 2,931.91 12,582.78 113,245.05 71,078.96 2,132.37 9,151.42 82,362.75
2024/25 249,600.00 113,245.05 3,397.35 12,960.27 129,602.66 82,362.75 2,470.88 9,425.96 94,259.59
2025/26 259,584.00 129,602.66 3,888.08 13,349.07 146,839.82 94,259.59 2,827.79 9,708.74 106,796.12
2026/27 269,967.36 146,839.82 4,405.19 13,749.55 164,994.56 106,796.12 3,203.88 10,000.00 120,000.00

Staffer: Gary (G007)

(7 of 10)
Fiscal Year 2023/24
LSP Transition Year 2024/25
Interest Rate 3.00%
Expected Years of Service 15
Expected Future Salary Growth 4.00%
LSP Benefit Cap 500,000
Last Full Month Salary Cap 22,500
Long Service Payment Negative Service Cost
Financial Year Salary Projection Opening Balance Interest Current Cost Closing Balance Opening Balance Interest Current Cost Closing Balance
2019/20 0.00 0.00 9,916.77 9,916.77 0.00 0.00 3,305.59 3,305.59
2020/21 9,916.77 297.50 10,214.27 20,428.54 3,305.59 99.17 3,404.76 6,809.51
2021/22 20,428.54 612.86 10,520.70 31,562.09 6,809.51 204.29 3,506.90 10,520.70
2022/23 31,562.09 946.86 10,836.32 43,345.28 10,520.70 315.62 3,612.11 14,448.43
2023/24 480,000.00 43,345.28 1,300.36 11,161.41 55,807.04 14,448.43 433.45 3,720.47 18,602.35
2024/25 499,200.00 55,807.04 1,674.21 11,496.25 68,977.51 18,602.35 558.07 3,832.08 22,992.50
2025/26 519,168.00 68,977.51 2,069.33 11,841.14 82,887.97 22,992.50 689.78 3,947.05 27,629.32
2026/27 539,934.72 82,887.97 2,486.64 12,196.37 97,570.98 27,629.32 828.88 4,065.46 32,523.66
2027/28 561,532.11 97,570.98 2,927.13 12,562.26 113,060.37 32,523.66 975.71 4,187.42 37,686.79
2028/29 583,993.39 113,060.37 3,391.81 12,939.13 129,391.32 37,686.79 1,130.60 4,313.04 43,130.44
2029/30 607,353.13 129,391.32 3,881.74 13,327.31 146,600.36 43,130.44 1,293.91 4,442.44 48,866.79
2030/31 631,647.25 146,600.36 4,398.01 13,727.12 164,725.50 48,866.79 1,466.00 4,575.71 54,908.50
2031/32 656,913.14 164,725.50 4,941.76 14,138.94 183,806.20 54,908.50 1,647.25 4,712.98 61,268.73
2032/33 683,189.67 183,806.20 5,514.19 14,563.11 203,883.50 61,268.73 1,838.06 4,854.37 67,961.17
2033/34 710,517.26 203,883.50 6,116.50 15,000.00 225,000.00 67,961.17 2,038.83 5,000.00 75,000.00

Staffer: Helen (H008)

(8 of 10)
Fiscal Year 2023/24
LSP Transition Year 2024/25
Interest Rate 3.00%
Expected Years of Service 15
Expected Future Salary Growth 4.00%
LSP Benefit Cap 390,000
Last Full Month Salary Cap No Cap
Long Service Payment Negative Service Cost
Financial Year Salary Projection Opening Balance Interest Current Cost Closing Balance Opening Balance Interest Current Cost Closing Balance
2019/20 0.00 0.00 17,189.06 17,189.06 0.00 0.00 4,897.17 4,897.17
2020/21 17,189.06 515.67 17,704.73 35,409.47 4,897.17 146.92 5,044.08 10,088.17
2021/22 35,409.47 1,062.28 18,235.88 54,707.63 10,088.17 302.65 5,195.41 15,586.22
2022/23 54,707.63 1,641.23 18,782.95 75,131.81 15,586.22 467.59 5,351.27 21,405.07
2023/24 400,000.00 75,131.81 2,253.95 19,346.44 96,732.21 21,405.07 642.15 5,511.81 27,559.03
2024/25 416,000.00 96,732.21 2,901.97 19,926.84 119,561.01 27,559.03 826.77 5,677.16 34,062.97
2025/26 432,640.00 119,561.01 3,586.83 20,524.64 143,672.48 34,062.97 1,021.89 5,847.48 40,932.33
2026/27 449,945.60 143,672.48 4,310.17 21,140.38 169,123.03 40,932.33 1,227.97 6,022.90 48,183.20
2027/28 467,943.42 169,123.03 5,073.69 21,774.59 195,971.32 48,183.20 1,445.50 6,203.59 55,832.28
2028/29 486,661.16 195,971.32 5,879.14 22,427.83 224,278.28 55,832.28 1,674.97 6,389.69 63,896.95
2029/30 506,127.61 224,278.28 6,728.35 23,100.66 254,107.30 63,896.95 1,916.91 6,581.39 72,395.24
2030/31 526,372.71 254,107.30 7,623.22 23,793.68 285,524.20 72,395.24 2,171.86 6,778.83 81,345.93
2031/32 547,427.62 285,524.20 8,565.73 24,507.49 318,597.42 81,345.93 2,440.38 6,982.19 90,768.49
2032/33 569,324.72 318,597.42 9,557.92 25,242.72 353,398.06 90,768.49 2,723.05 7,191.66 100,683.21
2033/34 592,097.71 353,398.06 10,601.94 26,000.00 390,000.00 100,683.21 3,020.50 7,407.41 111,111.11

Staffer: Ivor (I009)

(9 of 10)
Fiscal Year 2023/24
LSP Transition Year 2024/25
Interest Rate 3.00%
Expected Years of Service 4 (Below Minimum for LSP Provision)
Expected Future Salary Growth 4.00%
LSP Benefit Cap 390,000
Last Full Month Salary Cap 22,500
Long Service Payment Negative Service Cost
Financial Year Salary Projection Opening Balance Interest Current Cost Closing Balance Opening Balance Interest Current Cost Closing Balance
2020/21 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2021/22 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2022/23 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2023/24 400,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Staffer: Janet (J010)

(10 of 10)
Fiscal Year 2023/24
LSP Transition Year 2024/25
Interest Rate 3.00%
Expected Years of Service 4 (Below Minimum for LSP Provision)
Expected Future Salary Growth 4.00%
LSP Benefit Cap 390,000
Last Full Month Salary Cap 22,500
Long Service Payment Negative Service Cost
Financial Year Salary Projection Opening Balance Interest Current Cost Closing Balance Opening Balance Interest Current Cost Closing Balance
2021/22 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2022/23 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2023/24 400,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2024/25 416,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

LSP Reversal Journal Entries for Next Year

FY 2024/25

Reversal Entry for Service Cost: FY 2024/25
Dr. LSP Payable 1,072,533.69
Cr. P/L – Cumulative Service Cost -1,072,533.69
Reversal Entry for Offsetable Amount: FY 2024/25
Dr. P/L – Cumulative Service Cost 664,579.02
Cr. LSP Payable -664,579.02