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For any small businesses with less than 19 employees, you are able to use this service free of charge.   Follow this link for more information. http://www.humanservices.gov.au/business/services/medicare/small-business-superannuation-clearing-house/

The Australian Taxation Office has released the new rates applicable for redundancy payments for the 2012-2013 Financial Year.   2012-2013 Summary Guide – Taxing payments made under a redundancy The above is the maximum amount that can be paid as the taxable component (post-1983) of a life benefit ETP and receive concessional tax treatment. Any … Read more

The Australian Taxation Office has Gazetted the below figures for HELP and SFSS for the 2012-2013 Financial Year. HELP Thresholds The thresholds and rates at which HELP will be repayable for the 2012-2013 income year have been gazetted and are shown in the table below 2012-2013 income thresholds and repayment rates For repayment income in … Read more

A number of eagle-eyed subscribers have contacted us about an article that appeared in some newspapers yesterday stating that the superannuation contribution rate will rise to 9.5% from 1 July 2012. This is incorrect. The rate change is not proposed to commence until 1 July 2013 and then it will be an initial rise of … Read more

Paid personal/carers leave is available to staff (excluding casuals) not only where they are unfit for work due to injury or illness but also to provide care or support to a member of their immediate family or household, because of an illness, injury or an unexpected emergency. A natural disaster such as the floods will … Read more

We have had a few calls on the effect that the age of the employee has on the tax treatment of entitlements due on redundancy. The following table summarises the requirements: Age Tax-free amount available Treatment of any ETP Leave entitlements 65 or over at date of termination No (must be under 65 to be … Read more