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Are You Missing Any Super?

The ATO has a free, online search tool that shows: details of any of your super accounts that have received contributions in the past two financial years; any lost super reported to the ATO; and any super the ATO may hold on your behalf. The tool, SuperSeeker, can be accessed at the following link: The…

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Superannuation Rate Changes

The Superannuation percentages are scheduled to increase in steps over a number of years as follows: 2013/2014 – 9.25% 2014/2015 – 9.50 % 2015/2016 – 10.00% 2016/2017 – 10.50% 2017/2018 – 11.00% 2018/2019 – 11.50% 2019/2020 – 12.00% Mark these dates in your calendar.

Q/ If an employee is given 3 months notice of redundancy, and they find other employment within that period and want to leave early are they still entitled to their statutory redundancy payment? A/ It is possible that redundancy pay will still be owed to the employee, but you may not have to pay out…

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DEATH OF AN EMPLOYEE

Q/ Unfortunately an employee has passed away and we have some payments still owing to them. How should I pay and tax them? A/ Once you have established who can legally receive and make directions about the payments (which may be some time after the employee has passed away), then make the payments in the…

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Q/ The Australia Day public holiday falls on Monday January 28, 2013, but Australia Day itself is on Saturday January 26, 2013. What should we pay employees who work on either of those days? A/ January 26 has been substituted by January 28 as the public holiday in every State and Territory. This means that…

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Bush Fires

Unfortunately the 2013 New Year brought with it devastating Bush Fires in many parts of the country. They have an impact on both employees and businesses in the affected areas. While the Government has announced its Disaster Recovery Payment plan for individuals and families and the ATO has provided information on making donations and will…

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For any small businesses with less than 19 employees, you are able to use this service free of charge.   Follow this link for more information. http://www.humanservices.gov.au/business/services/medicare/small-business-superannuation-clearing-house/

The Australian Taxation Office has released the new rates applicable for redundancy payments for the 2012-2013 Financial Year.   2012-2013 Summary Guide – Taxing payments made under a redundancy The above is the maximum amount that can be paid as the taxable component (post-1983) of a life benefit ETP and receive concessional tax treatment. Any…

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The Australian Taxation Office has Gazetted the below figures for HELP and SFSS for the 2012-2013 Financial Year. HELP Thresholds The thresholds and rates at which HELP will be repayable for the 2012-2013 income year have been gazetted and are shown in the table below 2012-2013 income thresholds and repayment rates For repayment income in…

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A number of eagle-eyed subscribers have contacted us about an article that appeared in some newspapers yesterday stating that the superannuation contribution rate will rise to 9.5% from 1 July 2012. This is incorrect. The rate change is not proposed to commence until 1 July 2013 and then it will be an initial rise of…

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