Payroll Matters for the New Year
Friendly reminders to help get you through the hustle and bustle of the new financial year:
- When preparing employee PAYG summaries, include reportable fringe benefits and reportable superannuation contributions.
- The wages declared for Work Cover purposes are not simply the wages paid. For example they include all superannuation payments. See this link for further details: Declaration of wages guide
Some key tax changes that apply from 1 July 2015 for businesses:
We suggest some checks are made for the first week of the new year to ensure smooth processing:
- Small Business Enterprise (SBE) Company Tax Rate reduced to 28.5% and 5% tax discount for those unincorporated SBE tax payer
- Immediate Deduction of $20,000 for SBE's
- FBT Exemption increased
- Tax Free Threshold for Temporary Residents has been removed
- Zone Offset for some fly in/fly out employees abolished
- Did your payroll software automatically update for these changes, or do you need to load these changes into your payroll software?
- Check your first pay run from 1 July 2015 to ensure the changes are correct
- Review any salary packaging and calculations and make any adjustments to employee FBT contributions or other items where needed
Please call if you have any queries about these items.
* * * *
This Newsletter, of necessity, has dealt with matters of a technical nature in general terms only. Clients should contact us for detailed information on any of the items in the Newsletter. No responsibility for loss occasioned to any person acting or refraining from acting in reliance upon any material in this Newsletter can be accepted by any member or employee of the firm.