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On Tuesday 8th July 2008, the Australian Fair Pay Commission handed down an increase of $21.66 per week in the standard Federal Minimum Wage and in all Pay Scales (for employees engaged for 38 hours per week). This decision was effective from the first pay period on or after 1 October 2008. If you have any queries, please contact the Workplace Infoline on 1300363264.
SEASONS GREETINGS FROM BEN, VERONICA, PATRICIA, INDIE & MICHELLE
Thought of the Moment
Be Outrageous!
People who achieve mastery have the ability to be outrageous.
Gita Bellin
Payroll Placements Newsletter 2009
SUPER GUARANTEE
NEW SUPERANNUATION CHOICE FORM
The Tax Office has just relaesed a new version of the Superannuation Choice form to be issued to staff to help them make their choice of fund. A copy of this form can be accessed at the Tax Office Website: www.ato.gov.au/content/downloads/n13080.pdf
SUPERANNUATION - DISCLOSURE ON PAYMENT SUMMARIES
In the 2008 Federal Bugdet, it was announced that changes were to be made to the law so that sacrificed superannuation contributions would be included when determining a person's liability or eligibility for a range of taxes, levies and benefits, for example, child support, HELP repayments, the Medicare surcharge and family allowances.
These changes have been proposed to apply from 1 July 2009.
Currently, only fringe benefits are reported at year-end by employers on their employee's payment summary as part of the reportable fringe benefits amount. As sacrificed superannuation is not a fringe benefit, such amounts have previously been excluded from reporting.
Draft information now released by Treasury indicates that employers will need to record any sacrificed superannuation and show it on year-end payment summaries. While this will only affect the 2009/10 payment summaries, procedures will need to be in place by 1 July 2009 to capture the required information.
At this stage, the proposed changes are only in draft form and may change before finalised.
ANNUAL TAX RATES 2008/09
Income range ($)
%
0 - 6,000
1.5
6,001 - 34,000
16.5
34,001 - 80,000
31.5
80,001 - 180,000
41.5
180,000 +
46.5
GUIDELINES FOR ISSUING ELECTRONIC PAY STATEMENTS
- The electronic pay slip should be issued to the worker securely and in confidence. - The electronic pay slip should be issued to the worker in a format that is easily printable. - All workers who are issued with electronic pay slips should be able to access and print their pay slips in private.
STATE
RECORD KEEPING REQUIREMENT FOR PAYROLL (NO. OF YEARS)
ATO
PAYROLL TAX
WORKCOVER
Federal Industrial Legislation
NSW
5
5
5 from 1-7-08
An employer must keep an entry in a record for a continuous period of 7 years after the date on which:
-the entry is changed; or
-the employee's employment is terminated; whichever happens first.
In any other case - for a continuous period of 7 years after the date on which the entry is made.
VIC
5
5
5 years after notification of incident
MEDICARE LEVY SURCHARGE THRESHOLDS INCREASED
A 1% Medicare levy surcharge in addition to the normal 1.5% Medicare levy applies to single people with a taxable income of more than $100,000, and families with a combined taxable income of more than $150,000 who do not have the necessary private patient health insurance. These are the increased thresholds having been $50,000 and $100,000 respectively prior to 1 July 2008.
MORE THOUGHTS
It is important from time to time to slow down, To go away by yourself, and simply Be.
Payroll Tax
Note that Victorian Payroll Tax has changed from 5.05% (rate effective from 1 January 2007) to 4.95% effective from 1 July 2008
Special Offer
Do you have a friend seeking a Payroll or HR position?
Refer them to us!
Once they are placed in a position (by us) Payroll Placements will thank you with a gift.
Special Events in Melbourne
Australian Open 2009 - 19/01/2009 to 01/02/2009
11:00 AM - 12:00 AM
Australian Open 2009 is set to blitz the world with an exciting blend of tennis and entertainment staged at every corner of the Melbourne Park venue.
While the international stars of tennis battle it out for top honours on famous Rod Laver Arena and surrounding show courts, international hits from Spiegelworld will ensure festivities continue around the clock.
Night-time pop and rock concerts, high-energy family concerts and world class burlesque direct from New York will propel this sensational event to a new level.
It's the world's biggest stage and everybody has a role to play. Yours is to enjoy. Step right on up!
