Are your systems ready for Payroll changes from 1 July 2013? Below is a checklist for employers to ensure their systems and practices are compliant.
- The tax free threshold for individuals will increase significantly to $18,200 per year, meaning it is crucial to ensure your PAYG Withholding Tables are updated with the new rates from 1 July 2013.
- Minimum Superannuation Guarantee is increased to 9.25% (from 9%) on employee OTE starting 1 July 2013
- Superannuation Guarantee obligations will no longer be restricted to employees under 70 years of age, meaning employers will need to check their records for any affected employees 70+ years of age to ensure Superannuation obligations are fulfilled
- Extend payslip obligations mean that employers are required to report not only the Super Guarantee amount on employee payslips but also the actual contribution payment date and amount paid to their super fund.
