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 »
If you have more than one payer at the same time, the ATO generally require that you only claim the tax-free threshold from the payer who usually pays the highest salary or wage (this is known as the primary source of income). If you earn additional income (for example, from a second job or a
Tax-free threshold with more than one payer Read More »
As of 22 February 2013, the ATO is waiting on a further announcement by the Government to confirm requirements of the Super Reform measure that will change the way super contributions are reported on an employee’s pay slip. In late June 2012 legislation was passed for this change, however details of the change and commencement
Payslip reporting of superannuation contributions Read More »