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The Fair Work Commission has today announced the decision from its 2018 Annual Wage Review. The commission live-streamed the handing down of the decision on Friday 1 June 2018, announcing the national minimum wage will be increased by 3.5%. The new national minimum wage will be $719.20 per week or $18.93 per hour. The increase […]
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From 30 June 2016 businesses need to ensure they and/or their clients are SuperStream compliant. SuperStream is a standard for electronically processing superannuation information and payments, and must be used by employers, self-managed super funds and APRA-regulated funds. The ATO has announced it will provide compliance flexibility to small businesses that are not yet SuperStream […]
Read MoreThe Palmer United Party senators have agreed to pass the Mining Tax Repeal Bill (now called Minerals Resource Rent Tax Repeal and Other Measures Bill 2014) and this Bill reduces the instant asset write off for small business. This means: The Superannuation Guarantee will be frozen at 9.5% and won’t reach 10% until 2021, rising […]
Read MoreFrom 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 […]
Read MoreSuperannuation 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. […]
Read MoreIf 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 […]
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