Click here to read the ATO's article...
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Recent Changes to Tax Rules ATO has released some changes to the way tax is calculated on Back payments, Commissions, Bonuses and similar payments – there are other changes that we thought would be useful for you to know In this newsletter: Back payments, commissions, bonuses and similar payments tax changes New PAYG withholding tax tables/p> Flood Levy no longer applies Changes to Tax Free Threshold Changes to Leave Loading |
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Back payments, commissions, bonuses and similar payments
There are new changes to how the tax on
Back payments, Commissions, Bonuses and Similar payments are being
calculated.
 The
tax table in link provided below replaces PAYG withholding tax table -
commission payments and Tax table for bonuses and similar payments. |
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New PAYG withholding tax tables From July 1, 2012 the new tax tables have been released. ePayroll’s tax calculations were automatically updated and have been in effect since July 1. This has ensured that you continued to withhold the required amounts of tax from payments made to your employees. |
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Flood Levy no longer applies The temporary flood and cyclone reconstruction levy (flood levy) no longer applies from 1 July 2012 and the flood levy exemption tax tables have been removed. The new tax calculations in ePayroll take into consideration the removal of the flood levy. |
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From 1 July 2012, the tax-free threshold was increased from $6,000 to $18,200. Employees who claim the tax-free threshold will have less tax withheld from their pay, while employees who do not claim the tax-free threshold will have more tax withheld from their pay.
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The way that leave loading is taxed has changed from 1 July 2012 as the separate withholding scale for employees who are entitled to leave loading no longer exists. Leave loading paid as a lump sum is now taxed using the tax table for back payments, commissions, bonuses and similar payments including lump sum payments in arrears. If leave loading is paid on a pro-rata basis, then the leave loading is taxed along with regular earnings.
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Sydney, Australia. 29 August 2012.
ePayroll and Aussiepay recently confirmed their commitment to establishing a HR and Payroll think-tank by announcing their upcoming seminar on Workplace Trends. This free event shares the latest insights into human capital management, focusing on new technologies, changing legislation and workforce relations.
ePayroll & Aussiepay CEO Dean Morelli will be joined by Payroll innovator Tracy Angwin from Australian Payroll Association and Athena Koelmeyer, Principal and Director of Workplace Law. These industry thought leaders will present on a variety of current topics that are relevant to organisations interested in gaining a competitive edge through workforce management.
The most recent changes to SuperStream, Fair Work compliance and Paid Parental Leave will be explored by Tracy Angwin who will outline the implications these changes have on employers, sharing her expertise on payroll compliance and management.
Athena Koelmeyer will share her industrial relation's expertise to explain some of the emerging legislation to affect businesses. She will direct employers to the best HR and Payroll practice for managing complicated contractual regulations, highlighting the risks posed from the new Adverse Action litigation and the developing concept of 'Triangular Employment'.
The many business enhancements provided by cloud computing will be explored by payroll technology expert, ePayroll and Aussiepay CEO, Dean Morelli. "Cloud computing is changing the way business operates, so this is a rare opportunity for businesses to learn how to implement this technology for best return on investment" said Dean Morelli, CEO Aussiepay.
Utilising the latest tactics and technologies to access full workforce potential can maximise productivity, ensure compliance and eliminate administrative expenses for businesses.
"We are delighted to be hosting this event and are confident every that attends will benefit enormously" said Morelli.
During this free two hour seminar industry leaders will share developments in human capital management that represent the very best practices on offer in the HR and Payroll industry. For more information or to register visit www.epayroll.com.au/workplacetrends.
ENDS
About Aussiepay
For more than 20 years, Aussiepay has been a leader in the payroll services industry. They continue to be recognised for their innovative use of technology and unrivalled service delivery which is second to none.
They have earned their market-leading position due to their intense understanding of the payroll landscape and the needs of Australian business. As well as outsourced payroll services, they provide a fully web-enabled payroll application, ePayroll.
MEDIA ENQUIRIES
Contact Janette Francis via email Janette.Francis@aussiepay.com.au or phone (02) 8844 0777
The ATO's annual 2011 prosecution figures reveal that almost 1200 people were prosecuted and convicted for tax and superannuation offences last year:
Sydney, Australia. 16 February 2012.
Today Aussiepay and ePayroll announced the appointment of Chris Biddle to the newly created role of Director of Training & Consulting. The appointment comes at the start of another exciting year for the industry leader that is expanding its training and consulting divisions.
In this role, Chris will oversee the Training and Consulting functions for both Aussiepay and ePayroll. His appointment will ensure that the growing list of clients are able to maximise their use of their offerings via easily accessible consulting and training programs.
“We are pleased to have Chris heading up this area. His extensive payroll domain knowledge will be an asset to both staff and clients", said Dean Morelli, CEO, Aussiepay.
Chris has almost 30 years’ experience in payroll, having worked for a variety of organisations including The Salvation Army, Coca Cola Amatil and The Association for Payroll Specialists (Taps). More recently, Chris has been working for Talent2 and has an intimate understanding of the training and consulting needs of clients in a services environment. "I am delighted to be working in such an innovative organisation that is dedicated to client satisfaction", said Chris Biddle, Director of Training & Consulting, Aussiepay and ePayroll .
Chris will initially focus on extending the Aussiepay and ePayroll training portfolio and services offerings.
"In recent years, we have placed significant emphasis on developing our software tools, and now it is vital we are able to show our clients how to maximise their investment with us and remain compliant", said Morelli.
About Aussiepay and ePayroll
For more than 20 years, Aussiepay has been a leader in the payroll services industry. They continue to be recognised for their innovative use of technology and unrivalled service delivery which is second to none.
They have earned their market-leading position due to their intense understanding of the payroll landscape and the needs of Australian business. As well as outsourced payroll services, they provide a fully web-enabled payroll application, ePayroll.
MEDIA ENQUIRIES
Contact Janette Francis via email Janette.Francis@aussiepay.com.au
or phone (02) 8844 0444.
www.aussiepay.com.au
www.epayroll.com.au
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