2015-16 Legislative Updates: Superannuation

Posted by: on 2 July 2015 in Compliance

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July 2 - by Angela Lehmann Legislation Manager - Payroll & Tax, ADP Australia and New Zealand It has been an anxious few weeks holding out for some key legislative measures to be passed for the financial year commencing on 1 July 2015.Even still, some of the measures from the Federal Budget have not as yet been passed and the clock is ticking down towards the end of financial year. ADP has summarised some of the key tax and legislative measures relating to Superannuation below to help you keep track and plan for the 2015-16 year. Superannuation Guarantee Rate (SG) The superannuation guarantee rate will remain at 9.5% for the 2015-16 financial year and will remain on hold until 30 June 2021.Superannuation guarantee is the mandatory amount of superannuation contributions that an employer generally must make in respect of an employee (subject…

2015-16 Legislative Updates: Rates, Allowances & Offsets

Posted by: on 30 June 2015 in Compliance

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June 30 - by Angela Lehmann Legislation Manager - Payroll & Tax, ADP Australia and New Zealand It has been an anxious few weeks holding out for some key legislative measures to be passed for the financial year commencing on 1 July 2015. Even still, some of the measures from the Federal Budget have not as yet been passed and the clock is ticking down towards the end of financial year. ADP has summarised some of the key tax and legislative measures relating to Rates, Allowances and Offsets below to help you keep track and plan for the 2015-16 year.1. Individual Tax Rates  In 2015-16 we were supposed to have an increase in the tax-free threshold from $18,200 to $19,400 and a rate change for the second marginal bracket to 33.5%. However, on 18 June 2015 legislation was passed that rolled-back…

FAQ: New National Minimum Wage

Posted by: on 12 June 2015 in Compliance, Human Capital Management

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June 12 - by David Bates The Fair Work Commission (FWC) has now handed down its draft Minimum Wage Order for the 2015/16 Financial Year. In this post, we answer the most common questions the Workforce Guardian from ADP HR Experts receive about Australia’s National Minimum Wage.Q1. Who is Paid the Minimum Wage?According to the FWC, approximately 1.8 million employees in Australia currently receive the National Minimum Wage.This figure is surprisingly high given the National Minimum Wage only applies to employees who are not covered by one of the 122 Modern Awards (that is, employees who are ‘Award-free’).Many ‘Award-free’ employees are in fact senior managers who earn much, much more than the National Minimum Wage, so the number of employees paid the actual Minimum Wage is likely to be much less than claimed.Q2. What is the New Minimum Wage?The FWC has ordered a…

Modern Awards: Your Questions Answered

Posted by: on 29 May 2015 in Compliance, Human Capital Management

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May 29 - by David Bates The 2015 Workforce Guardian from ADP webinar series is proving extremely popular – and the May webinar was no exception! Focussed entirely on Modern Awards, this fourth webinar in our 10 part series generated huge interest.In this week’s blog, we’ll answer some of your Modern Award-related questions to help you ensure you and your business are meeting your legal obligations.  What on Earth is a ‘Modern Award’?!Modern Awards are legal ‘instruments’ which contain additional terms and conditions of employment for employees working in specific industries or occupations.There are currently 122 Modern Awards, and they must be read in conjunction with the ten National Employment Standards (NES).Modern Awards replaced thousands of old state and commonwealth Awards (which are now referred to as ‘pre-Modern Awards’), and they cover most employees in Australia. Can I Choose Which Modern Award Applies to my…

6 Tips on how to survive the End of Financial Year

Posted by: on 22 May 2015 in Payroll, Superannuation

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For many businesses, end of the financial year brings greater demands than usual. Payroll professionals often find this time of the year a stressful period. Other than the usual weekly/fortnightly/monthly payroll processing and tasks there are the additional items that need to be considered – balancing and producing payment summaries, resetting year to date (YTD) figures and reviewing employee’s records in preparation for the new financial year just to name a few. It's easy to see why payroll professionals dread this time of the year.Preparation is vital to a smooth and stress-free end of financial year.Here are 6 tips to help avoid any last minute hiccups. Reconcile Payment Summaries before final payroll Reconciling your employee’s earnings before running the final payroll for the financial year gives you time to complete any required adjustments to employee’s earning. This will reduce the…