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Company directors have a legal responsibility to ensure that their company meets its pay as you go (PAYG) withholding and superannuation guarantee charge (SGC) obligations. The director of a company that fails to meet a PAYG withholding or SGC liability by the due date automatically becomes personally liable for a penalty equal to the unpaid amount. […]
Read MoreShutting 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, […]
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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 […]
Read MoreFrom 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.
Read MoreA 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 […]
Read MoreDon’t be fooled into thinking that because a vehicle is a dual cab ute that it is automatically exempt from FBT and it can be salary sacrificed. Firstly, it must meet the criteria of MT2024 or being specifically listed on the ATO list of exempt dual cab utes. Secondly, private use must be limited to: […]
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