From 1 January 2014, employers need to make super contributions to a fund that offers a MySuper product for employees who haven’t selected a preferred fund. A ‘MySuper product’ is a new super account that will replace existing ‘default funds’ used for employees. A MySuper account has a simple set of product features, regardless of who […]
MySuper replaces your default superannuation fund Read More »
Shutting down your business over Christmas Before you decide to shut down your business, you need to check that there is a term in your award or agreement that allows you to require your employees to take paid annual leave. If your award or agreement doesn’t let you require your employees to take paid leave,
Christmas shutdowns and Christmas parties Read More »
Car fringe benefit contracts entered into after 16 July 2013 can no longer use the Statutory Formula method, and must instead use the Operating Cost method. Thankfully, cars under existing contracts can continue to use the statutory formula for the remainder of the arrangement or until the contract is materially varied or changed. The result
Changes to car fringe benefits July 2013 Read More »
Superannuation Contribution Cap for 2013 – 2014 has been released by the ATO. We recommend that if you are offering salary sacrifice superannuation to your employees, include a disclaimer in your staff handbook that employees have received professional financial advice and understand the tax implications of what they are requesting the Payroll Officer to do.
Superannuation Contributions Cap 2013 – 2014 Read More »
From 22 March 2013, the withholding rules for car allowance payments for reasonable per kilometre rates have changed. From this date employers are now able to pay amounts up to the reasonable per kilometre rates plus an additional 1.5 cents, without the need to withhold. For more information, refer to Withholding from Allowances.
Car Allowances – Changes to Withholding Rates Read More »
A separated parent can opt to have their child support payments deducted automatically from their regular pay. Employers are legally required to deduct these payments from an employee or contractor’s wages if asked to by the Department of Human Services. There is a Protected Earnings Amount (PEA) that applies when processing these deductions. The PEA
Child Support – Protected Earnings Amount Read More »