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 […]
Increase in the Minimum Wage 2015
Applicable from the first full pay period in July 2015, the minimum wage will increase by 2.5% to $656.90 per week, which equates to $17.29 per hour. This is the rate that Parental Leave Payments are based on. The minimum wages rates for any Modern Award will also increase by 2.5% and will be applicable […]
Superstream – What you need to Know
E-Payoffice is Superstream Compliant if you are having your superannuation remitted by us via our Clearing House. See extract from the ATO website as follows, further information can be found at Superstream. What is SuperStream? SuperStream is a government reform aimed at improving the efficiency of the superannuation system. Under SuperStream, employers must make super contributions […]
Increase in the Minimum Wage 2014
Applicable from the first full pay period in July 2014, the minimum wages will increase to $640.90 per week, which equates to $16.87 per hour. This is the rate that Parental Leave Payments are based on. The minimum wages rates for any Modern Award will also increase by 3% and will be applicable for the […]
