Tag "Payroll"

Payroll – Streamlining the transition to Single Touch Payroll

Are you finding it impractical to provide a written declaration each time a registered agent lodges a STP pay event on your behalf? The ATO has responded to recent feedback by allowing eligible parties to sign an annual declaration to streamline the new reporting process.

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Payroll Q&A – Genuine redundancy payments and entitlements under contracts

Question Under our employment contracts, there is usually a clause included that there will be a payment for one month’s salary for normal terminations and a payment of six months’ salary for a redundancy. In the case of a genuine redundancy, would this mean that the first one month’s salary payment would be treated as […]

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Payroll – Changes to Victorian Long Service Leave: What you need to know

Victorian employers, are you aware of the changes to long service leave (LSL) from 1 November 2018? Now is the time to review and update your LSL policies and procedures to ensure that LSL entitlements will be correctly calculated and administered once the new law takes effect.

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Payroll Q&A – Genuine redundancy payments made to employees over the age of 65

Question I have an employee over 65 who is genuinely being made redundant due to their position no longer being required. They will receive redundancy payments per the council’s redundancy provisions. My question is, how should those payments be taxed? If the payment is not eligible for tax-free treatment under the bona-fide redundancy rules, are […]

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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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