Payroll Matters for the New Year (and the old)
It is easy to overlook changes in the payroll area, so a quick reminder:
- The superannuation guarantee rate increased to 9.5% on 1 July 2014. Your computer payroll system may require adjustment for this.
- There are likely to be increases in pay rates under many Awards, with effect from 1 July 2014. You will need to refer to your Award, and possibly contact Fair Work Australia for assistance
While we are "talking"
- A reminder when preparing the employee PAYG summaries, to include reportable fringe benefits and reportable superannuation contributions. Please call if you have any doubts about these items
- 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
* * * *
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.