If you are a business owner or manager with employees, there are some changes coming into effect for this financial year.
Super Changes
From 1 July 2013, the minimum superannuation payable for each eligible employee is 9.25%. Payments must be made at least quarterly. The cut-off date for payment in 28 days after the end of each quarter. Contributions are based on the date you pay salary or wages so all calculations made relating to wages paid after 30 June 2013 should be based on the higher rate.
Minimum Wage Changes
Fair Work Australia has determined the mimimum wage rates in Modern Awards will be increased by 2.6% with effect from the beginning of the first full pay period to commence on or after 1 July 2013. Fair Work Commission also reviewed a range of expense related allowances contained in Modern Awards. Determination re Supported Wage System schedule
Important reminders regarding your employees:
PAYG Payment Summary Slips (Group Certificates) are due to your employees 14 July- PAYG Payment Summaries to the ATO by 14 August
- Superannuation for the final quarter year end due by 28 July
- BAS including PAYG due to ATO by 29 July
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by Carol Allan
Carol is a Senior Accountant at Insight Accounting advice. She is a registered tax agent, has a Bachelor of Commerce and Advanced Diploma in Accounting. Carol’s areas of expertise include tax and property advice.
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The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information.