The Fair Work Commission (FWC) has announced a 3.5% minimum wage increase as part of its 2017/18 annual wage review. This decision applies to the National Minimum Wage and all Modern Award minimum rates of pay. The revised National Minimum Wage will increase to $719.20 per week (which is a $24.30 increase) or $18.93 per hour. Several factors influenced the
There are a number of costly mistakes that employers often make during payroll year-end, overpaying Return to Work SA and Payroll Tax by including wage items that are exempt, overstating an employee’s earnings by not taking into account salary sacrifice arrangements, incorrect reporting of allowances and incorrect reporting of Reportable Employer Super Contributions (RESC). Therefore, it is imperative to
You may already be familiar with the term ‘Single Touch Payroll Reporting’, as the government initiative is expected to be somewhat of a game-changer in the industry. Well if you’re not across it already, the deadline for compliance is fast approaching and it’s time for preparations to get underway. Clients of lucent advisory will not need to take any action
Does the thought of managing and paying employees to raise your level of anxiety? When we listen to CEO’s, Managing Directors, General Managers, Finance Manager or HR Manager of an organisation, we frequently hear… It’s a mess, we have people on so many different pay rates and varying entitlements….I do not have time to ensure everyone is paid correctly. there are so.
Superannuation, that pesky ‘s’ word is a much misunderstood Australian phenomenon. To know how to calculate superannuation we must first know the rate employers need to contribute. The current percentage in the 2017/18 financial year is 9.5. That rate will continue to gradually increase up to 12% by 2025. Employees seem to forget that this is very much their money.
On 12 December 2017, the Fair Work Commission (FWC) varied certain overtime rates and minimum shift entitlements for casual and part-time employees in several awards. The decision introduces overtime rates for casual employees in many of these awards and changes how part-time hours can be worked in others. These changes apply from the first full pay period on or after.
Whether it’s your first employee or your fiftieth, payroll compliance matters. But navigating payroll laws and following industry best practices can be a challenge. The most important thing for employers to get their head around is, that ‘payroll’ is not just about paying your staff. In-fact under Australian law, it covers hiring and firing, salary entitlements, leaves entitlements and bonuses
Franchisors and holding companies will now be held accountable for the underpayment of wages, poor wages record keeping and non-issuing of compliant pay slips. The Fair Work Amendment (Protecting Vulnerable Workers) Bill 2017 passed the Parliament on 5 September giving the Fair Work Ombudsman capacity to take action in cases of exploitation of vulnerable workers. What does this mean.
Thinking of hiring that new apprentice or trainee? How does a $15,000 government rebate sound? The Job Accelerator Grant has been extended to June 2018. A grant increase of an additional $5,000 for each new apprentice and trainee hired was announced in yesterday’s State Budget. This is in addition to the previous $10,000 grant, increasing the total benefit to $15,000!
A small win for South Aussie small businesses! A permanent reduction in South Australia’s payroll tax rate for smaller employers has been released in the State Budget . What does this mean for you? A savings of between $2,082 and $9,800 a year if your payroll is between $600,000 and $1.5 million. Up until 2013-14, businesses with payroll < $1.5 million