The Australian Government has increased the 32.5% (34.5% including Medicare levy) tax threshold from $37,001- $80,000 to $37,001-$87,000. This section will outline a number of changes to the tax tables that will need to be made effective 1st October.
The Council of Trade Unions (CTU) recently released information it sought from the Ministry of Business, Innovation and Employment (MBIE) on the companies that have been reviewed for Holidays Act compliance which has been reported in the media over the last couple of days.
The 2016-2017 Australian Budget will affect the calculation of payroll for Australian employees. This section will outline a number of tax changes that will need to be made for the financial year.
Over the last few days a number of high profile articles in the media have cast the spotlight again on Holidays Act compliance. The articles point to problems that have been found in the payment of leave entitlements in the New Zealand Police and the Ministry of Business, Innovation and Employment (MBIE) and have led to further questions by some high profile commentators as to whether these same issues exist in the private sector and to what extent.
End-of-Year processing will generate Certificates of Earnings for each employee to show their Gross Taxable Earnings, PAYE etc. for the financial year. Any employees who wish to complete a tax return may need this information. In addition to the Certificate of Earnings, other useful year end reports available are the ACC Premium Report and YTD Summary Report.
ACC Earner Levy Rate
The 2015-2016 Australian Budget includes a number of changes that affect the calculation of payroll for Australian employees. These are summarised below. If you are using our DataPay Enterprise Payroll application then relax knowing that all of these changes have already been programmed into the software and you do not need to install updates.
Tax Specification Changes
From 1 April 2015 the adult minimum wage will increase by 50 cents per hour.