Changes in Payroll
1. Superannuation contribution cap of $450.00 will be removed.
The minimum wages for Superannuation contribution are said to be removed and the employer must pay Superannuation for all the employees over the age of 18 if they work more than 30 hours per week.
2. Superannuation Guarantee will be increased to 10.5%.
The percentage of Superannuation Guarantee will increase from 10% to 10.5%. Also, it will be increasing every year by 0.5% until it reaches 12% in 2025.
3. Indexation of Study or Training Loan Supports.
This year the indexation is set at 3.9%. This impacts the following common loan.
a) Higher Education Loan Program (HELP/HECS)
b) VET Student Loan (VSL)
c) Student Financial Supplement Scheme (SFSS)
d) Student Start-up Loan (SSL)
e) Trade Support Loan (TSL)
Overall Changes for the Business:
The company must pay 10.5% Super for all the employees over the age of 18 years if they work more than 30 hours per week.
Implementing an efficient payroll management system can help you maintain compliance while also making sure your employees are paid accurately and on time. With this in mind, Carisma Solutions also provides Payroll Management Solutions that can help you in several ways, from decreasing employee dissatisfaction to reducing the risk of government penalties. Our services include – Payroll data entry, payroll data processing including tax calculation, Calculating the exact amount due to employees after withholding taxes, On-time pay slip generation and emailing, Recordkeeping & administration, Monthly, Annually Employer or Statutory compliance, and map the timesheets and prepare employee payslips and salary.