Casual and lower income workers, older Australians, and first–time home buyers were the big winners of the superannuation changes announced in the 2021 Federal Budget.
The changes will see Australian businesses pay increased contributions to their employees, with a rise in the superannuation guarantee rate and the scrapping of eligibility thresholds.
Let’s look at the five most important changes made to superannuation in this year’s budget.
- Topic:
- Payroll
It’s hard for business owners to think that one of their employees is committing payroll fraud.
However payroll fraud in Australia is more common than you think, and if left undetected, can place a severe financial drain on your business.
Payroll fraud costs Australian businesses millions each year. For electrical retailer Clive Peeters, it was particularly costly. Over a two-year period, its former payroll manager stole over $19 million from the company.
So what are some of the key measures you can take to help prevent payroll fraud at your business?
- Topic:
- Payroll
Using payroll software that’s no longer supported by your vendor could expose your business to significant risks.
When an end-of-life date is set for payroll software your business relies on, it’s never welcome news.
- Topic:
- Payroll
It’s been a busy year for payroll professionals in Victoria, with the state government introducing landmark, nation-first changes to the payroll landscape.
In July, the state became the first to introduce criminal penalties for businesses found guilty of ‘wage theft.’ Now in the wake of Victoria’s second COVID-19 lockdown, the state government has announced it’s creating a nation-first scheme that will provide sick and carer’s pay for casual workers.
- Topic:
- Payroll
On termination, an employee may be paid a lump sum payment referred to as an employment termination payment (ETP).
- Topic:
- Payroll
When it comes to child support, did you know deductions are not to be taken from an employee’s or contractor’s Protected Earnings Amount (PEA)?
- Topic:
- Payroll
When an employee cashes out annual leave they receive a payment for the annual leave instead of taking it as time off work.
- Topic:
- Payroll
Until recently, whether superannuation had to be paid in respect of annual leave loading was in all words; confusing. Thankfully, the ATO provided clarification in an announcement earlier this year.
- Topic:
- Payroll
The MSCB or Maximum Super Contribution Base is used to determine the maximum limit on an individual employee’s earnings base for each quarter of a financial year.
- Topic:
- Payroll
How a motor vehicle allowance is to be reported to the ATO, and how it is to be processed, is based on what the vehicle is used for.
Depending on what ATO category the payment falls under will determine if the motor vehicle allowance is considered to be ordinary time earnings (OTE) and if super is applicable on the payment.
- Topic:
- Payroll
