In July 2014 we released a news article titled “(AUST) 2014-2015 Tax Changes Effective 1 July 2014”, where we informed that the Employer Superannuation Guarantee (SG) payments will increase to 9.5%. It informs that the level that employers will need to contribute to an employee’s superannuation will remain at 9.5% until 30 June 2018. The rate will then increase by 0.5% each year until it reaches 12% in 2022-23.
The 2014-15 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.
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.
1. STUDENT LOANS - The repayment threshold remains at $19,084.00 per annum.