These are a number of staff administration issues that employers need to be up to date with and make adjustments within their business accordingly.
Wage Increase from 1 July 2015
Choice of Superannuation Fund
Please note - the national minimum wage award increased 2.5% from 1 July 2015 to apply from the first full pay period commencing on or after this date. Please adjust your wage records as required. The national minimum wage will now be $656.90 per week based on a 38 hour week for a full-time employee.
Many employees have the right to choose which superannuation fund will receive their employer superannuation guarantee contributions. Employers must give new eligible employees the Standard Choice Form. If the employee does not choose a fund, the default employer fund should be used.
Under the new superannuation system, an employer now has to pass the employee's tax file number (TFN) on to the employee's nominated superannuation fund within 14 days of the employee quoting it or before the next contribution is made
Car Expense Reimbursement Levels
The Government has announced their intention to apply a flat rate of 66c/km for business travel from 1 July, 2015. If you reimburse your employees on a cents per kilometre basis for business travel made by them in their own vehicle, you may want to re-evaluate the rate you implement from 1 July 2015.
If you are to continue with your higher reimbursement levels, then withholding tax on the excess over 66c/km paid to employees will be required. The reimbursements will continue to be reportable as an allowance on your employee's group certificates.
If you are in any doubt about what your obligations are as an employer, it is always best to seek professional advice. Far better than having to correct mistakes at a later date and potentially face penalties. You can call our office on 07 5482 2855 and make an appointment to speak with one of our accountants about how these changes affect your business.