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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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Employing Staff

We often get asked whether we can supply examples of employment letters that can be used by subscribers. However, due to the legal considerations involved, the drafting of such letters must usually be left to those who are legally qualified to do so. We have recently come across some excellent templates that have been prepared…

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Paid personal/carers leave is available to staff (excluding casuals) not only where they are unfit for work due to injury or illness but also to provide care or support to a member of their immediate family or household, because of an illness, injury or an unexpected emergency. A natural disaster such as the floods will…

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Impact of Age on Redundancies

We have had a few calls on the effect that the age of the employee has on the tax treatment of entitlements due on redundancy. The following table summarises the requirements: Age Tax-free amount available Treatment of any ETP Leave entitlements 65 or over at date of termination No (must be under 65 to be…

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