Tag "Payroll"

Payroll – Withholding on redundancy payments: Not as simple as it seems

The Board of Taxation has announced that it is conducting a review into FBT compliance costs. Click below to read how this could affect your organisation.

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Payroll – Definition of ‘ordinary time earnings’

This article discusses the definition of ‘ordinary time earnings’, which is used as the basis for calculating an employer’s minimum superannuation guarantee contribution for their employees. Where an employer does not meet the minimum superannuation guarantee contribution, they will be liable for the superannuation guarantee charge (SGC).

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Salary Sacrifice Q&A – Termination-related payments and salary sacrifice

Question An employee is being terminated and it is proposed the following termination related payments will be made: Unused Annual Leave Unused LSL Payment in lieu of notice Gratuity Final pay up to termination date The employee wishes to salary sacrifice some or all of the payment into superannuation. There is no existing salary sacrifice […]

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Payroll Q&A – Victorian Workers Compensation and Fringe Benefits

Question We are a Section 57A FBT exempt employer. None of our employees receive benefits in total that exceed the $30,000 grossed up value and accordingly we do not pay FBT. We only report fringe benefits provided to employees through the employee payment summary where the aggregate taxable value (pre-gross up) of the benefits exceeds […]

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Payroll Article – Changes to 2017/18 Payment Summary reporting requirements for Reportable Fringe Benefits

This article has some important practical points in relation to completion of 2017/18 PAYG Summaries.

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Payroll Article – Various income tax-related rates updated from 1 July 2018

In relation to the FY 2018-19, the ATO has updated various withholding rates, the car expense ‘cents per Km rate’ and reasonable travel and overtime meal amounts.

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Payroll Article – Payroll tax changes following the 2018-19 State and Territory budgets

This article discusses the recent changes to payroll tax following the handing down of the 2018-19 state budgets. Even if one is exempt from payroll tax, it is important to be aware of these changes when negotiating supply contracts with a large labour component.

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Payroll Article – SGC: Amnesty and Enforcement

This article looks at two recently proposed amendments to the law that aim to encourage employers to correct past errors regarding unpaid superannuation, and also to strengthen enforcement measures with regard to unpaid superannuation.

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Payroll Article – ‘Public Fame’ and ‘Image’ licensing – a thing of the past?

This article considers the implications of the Government’s announcement in the May 2018 Federal Budget regarding the taxation of income for an individual’s fame or image. The topic will be especially relevant to elite level sporting clubs.

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Payroll Article – Oops! Sorry, you were overpaid and we would like it back.

Mistakes occur and, sadly, payroll sections are not immune from these. This article looks at one scenario in which an employee is overpaid and PAYG tax has already been remitted.

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