Here’s a summary of the key changes coming into effect on 1 July 2024.
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Remuneration
After much speculation, the Prime Minister has announced that the Government will amend the legislated Stage 3 tax cuts scheduled to commence on 1 July 2024. Relative to the current Stage 3 plan, the proposed redesign will broaden the benefits of the tax cut by focussing on individuals with taxable income below $150,000
Are you employing more staff? Find out about the eligibility for the JobMaker Hiring Credit including the Employer Eligibility Criteria, Employee Eligibility Criteria and the Job Creation eligibility Criteria.
At the recent Senate Estimates hearing, Jeremy Hirschhorn, the ATO’s Second Commissioner, stated that $120 million in JobKeeper payments had been clawed back from those either deliberately seeking to rort the system or who had made reckless mistakes
Employers need to ensure that they identify all additional employees who could be eligible for JobKeeper to ensure that they comply with the "one in, all in" principle and that they meet the nomination requirements.
Due to Stage 4 restrictions, we will all be working from home as of tomorrow - Thursday 6 August 2020.
Please rest assured we can still be contacted on our normal office number and email addresses. If you are unsure of who to email please email info@lmp.com.au or contact your regular team member.
What you need to know about JobSeeker and other support.
The Government has announced the $2.5bn JobTrainer package to retrain, upskill and open new job opportunities.
For some employers, JobKeeper will not be enough to keep the employee employed. If you do need to let staff go, the ATO has stated that from JobKeeper fortnights from 8 June onwards until the end of the scheme, ETPs cannot be included as part of the $1,500 an employer needs to pay to eligible employees to access JobKeeper payments.
An increase to the minimum wage of 1.75% will start rolling out for the first full pay period from 1 July 2020.
The increase applies to minimum rates in awards in 3 stages
News headlines recently stated that casual workers have won the right to paid leave following a decision in the Federal Court. As usual, the devil is in the detail.
The Government has announced a $17.6 billion investment package to support the economy as we brace for the impact of the coronavirus.
The yet to be legislated four part package focuses on business investment, sustaining employers and driving cash into the economy.
A series of high-profile examples of businesses underpaying their employees has brought the need to get payroll right into sharp focus.
Complex award and enterprise agreements can complicate payroll obligations, in terms of both regular salary and wages and the ongoing need to pay employee superannuation. On top of that, from 1 March 2020, changes commence for annualised wage arrangements that will increase the compliance burden on some businesses.
Single Touch Payroll (STP) is a new regulation introduced by the ATO. All large businesses (more than 20 employees) should now be using STP, or have applied for a later start date. For employers with less than 20 employees, STP reporting will begin on 1 July 2019.
A former Foodora Australia delivery rider, Joshua Klooger, recently won an unfair dismissal claim despite a service agreement that classified him as an independent contractor. We explore the implications of the case.
Single Touch Payroll (STP) – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – comes into effect from 1 July 2018.
The issue of Director’s fees often comes up – should we pay directors, how to pay, and if we do pay fees how should they be paid? We answer the common questions for private companies.