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Tax-free Threshold for Redundancy Payments From 1 July 2013, the tax-free threshold for redundancy payments is as follows: $ 9,246 (formerly $8,806 for 2012-2013); plus $ 4,624 (formerly $4,404 for 2012-2013) for each completed year of service Employment Termination Payment (ETP) Cap For 2013-2014, the ETP cap amount is $180,000 (formerly $175,000 for 2012-2013). Whole-of-income…

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Q/ Can employees salary sacrifice their cashed in leave? A/ This is quite complicated – and the practical answer is “possibly not” This is a 2 step process Step 1 – cashing in leave For most employees, cashing in annual leave is only allowed in very limited circumstances: Where the employee is covered by an…

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Q/ Our General manger has asked why we should accrue LSL on-costs from day one? If you have any supporting documentation/website link that you can forward me, it would be a real help. A/ While companies usually do not have to make LSL payments for their employees until after 5, 7 or 10 years (depending…

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Payslips

Q/ An employee has requested copies of their payslips. How far back in time can an employee request an employer to provide copies? A/ An employer is required to keep payroll records for seven years, so it would not be “unreasonable” for an employee too request copies going back that far. However if an employer…

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Public Holidays

With Easter just around the corner, it is important for all to know their obligations when it comes to public holidays. http://www.fairwork.gov.au/leave/public-holidays/pages/default.aspx

Parental Leave

Question We have an employee who is on parental leave. She was originally going to have take six months’ leave but subsequently asked for it to be extended for a further six months and provided us with the required four weeks’ notice. She has now changed her mind and wants to come back to work…

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Employees can now apply for their Tax File Number (TFN) online and authenticate their proof of identity documents at participating Australia Post retail outlets. If you have any new staff who do not have a TFN then this service may be of use. Please note that it is only available to Australian residents who are…

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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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