Single Touch Payroll – Are You Ready?
Are you ready for Single Touch Payroll – 1 July 2018? Single Touch Payroll is the single biggest move toward payroll centralisation since PAYG was introduced in 2000 and one of the most significant changes to the way in which payroll is processed that we have seen. It involves streamlined reporting for salaries, wages, PAYG […]
Why Your Business Cannot Afford to Hire an Untrained Payroll Person a Few Days a Week
As a small to medium sized business owner, we understand that cash flow can be a concern and payday seems to roll around a lot sooner each pay cycle. However, cutting corners by hiring the wrong person to look after your payroll can cost you more than your reputation: it can close your doors forever. […]
How New Fair Work Australia Provisions Affect Your Business
Wage disputes between workers and management often make the news. In 2016, some of Australia’s most well known retail and fast-food brands were found to underpay workers. Companies owed workers more than $300 million dollars annually due to unfair agreements regarding weekend and penalty rates. Two years ago, Fair Work staff raided 7-Eleven stores across Melbourne, Sydney […]
The Evolution of Payroll Software
The Old Days Remember those days when you sat behind a desk with an electronic calculator; adding up Bundy cards, breaking hours down into different pay elements, keying them into payroll and finally getting a result hours later? You were still not done after this. There were printouts to take to management for approval, the […]
What is Single Touch Payroll (STP)?
What is Single Touch Payroll (STP) and how will it affect my business? According to the ATO, Single Touch Payroll is a reporting scheme that aims to introduce transparency in payroll reporting to ensure employers are meeting their obligations. This government initiative has been the single biggest move toward payroll centralisation since PAYG was introduced […]
Legislative Changes that affect Payroll 2017/18
Backpacker Tax
From 1 January 2017 new tax rules apply for working holiday makers on visa subclass 417 (Working Holiday) or 462 (Work and Holiday). You can check if your employees visa subclass is 417 or 462 using the Visa Entitlement Verification Online service (VEVO). The Change to Tax is as follows:The first $37,000 will be taxed at […]
Increase in the Minimum Wage 2016
The Fair Work Commission has announced a 2.4% increase to minimum wages. The increase will apply from the first full pay period starting on or after 1 July 2016. The new national minimum wage will be $672.70 per week or $17.70 per hour – this is the rate that Parental Leave Payments are based on.
Legislative Changes that affect Payroll – 2016/17
Federal Budget – Proposed changes to Superannuation – 2016/17
Cuts to Concessional Contributions Caps The current concessional cap is $30,000 for aged 49 and below and $35,000 for 50 years and above. From 1st July, 2017 the Government is proposing to decrease the concessional cap to $25,000 per year for all ages. The concessional cap is the total of all before taxed contributions paid […]
