New Tax File Number Declaration Form
As of 5th October 2017, there were changes to the Tax File Number (TFN) Declaration form. In the payee area (Section A) there is now a tick box for working holiday makers at Question 7. This tax rate category is known more colloquially as the ‘backpacker tax’. It...
read moreWhat is Single Touch Payroll (STP)?
What is Single Touch Payroll (STP) and how will it affect my business? According to the ATO, Single Touch Payroll is a reporting scheme that aims to introduce transparency in payroll reporting to ensure employers are meeting their obligations. This government initiative has been the single biggest move toward payroll centralisation since PAYG was introduced in 2000. It involves the streamlined reporting for salaries, wages, PAYG and superannuation as it’s processed each pay cycle.
read moreLegislative Changes that affect Payroll 2017/18
Superannuation Guarantee will remain the same at 9.5% Maximum Superannuation Contributions Base for 2017/18 is $52,760 per quarter / $211,040 per year - this is indexed annually. For any earnings above this limit, employers do not have to pay SG Contributions....
read moreBackpacker Tax
From 1 January 2017 new tax rules apply for working holiday makers on visa subclass 417 (Working Holiday) or 462 (Work and Holiday). You can check if your employees visa subclass is 417 or 462 using the Visa Entitlement Verification Online service (VEVO). The Change...
read moreLegislative Changes that affect Payroll – 2016/17
Superannuation Guarantee will remain at 9.5% Maximum Superannuation Contributions Base for 2016/17 is $51,620 per quarter / $206,420 per year - this is indexed annually. For any earnings above this limit, employers do not have to pay SG Contributions....
read moreIncrease in the Minimum Wage 2016
The Fair Work Commission has announced a 2.4% increase to minimum wages. The increase will apply from the first full pay period starting on or after 1 July 2016. The new national minimum wage will be $672.70 per week or $17.70 per hour - this is the rate that Parental...
read moreFederal Budget – Proposed changes to Superannuation – 2016/17
Cuts to Concessional Contributions Caps The current concessional cap is $30,000 for aged 49 and below and $35,000 for 50 years and above. From 1st July, 2017 the Government is proposing to decrease the concessional cap to $25,000 per year for all ages. The...
read moreIncrease in the Minimum Wage 2015
Applicable from the first full pay period in July 2015, the minimum wage will increase by 2.5% to $656.90 per week, which equates to $17.29 per hour. This is the rate that Parental Leave Payments are based on. The minimum wages rates for any Modern Award will also...
read moreSuperstream – What you need to Know
E-Payoffice is Superstream Compliant if you are having your superannuation remitted by us via our Clearing House. See extract from the ATO website as follows, further information can be found at Superstream. What is SuperStream? SuperStream is a government reform...
read moreTax and Super Changes 2014/15
The Superannuation Guarantee Employer Contributions will increase from 9.25% to 9.5% from 1st July. As announced in the recent federal budget, the temporary budget repair levy will apply from 1 July 2014 and will apply for 3 financial years. The levy will be imposed...
read moreIncrease in the Minimum Wage 2014
Applicable from the first full pay period in July 2014, the minimum wages will increase to $640.90 per week, which equates to $16.87 per hour. This is the rate that Parental Leave Payments are based on. The minimum wages rates for any Modern Award will also increase...
read moreIncrease in the Minimum Wage 2013
The new Minimum Wage Rates are to start from the first full pay period after 1st July 2013. The new National Minimum Wage Rate is $622.20 per week or $16.37 per hour. This applies to employees who are not covered by an award or agreement. This is also the current...
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