Datacom prioritises keeping Australian payroll clients up to date with any important legislative changes, as these have the potential to make an impact on business payroll processes and compliance obligations.
For organisations, it is important to stay on top of these changes and make the necessary adjustments to ensure they are abiding by the law and being responsible employers.
There are various changes that occurred in and around July 2022 that businesses need to be aware of, which fall under tax, superannuation, and employment law payroll categories.
In this July 2022 Datacom ebook update, ‘Recent developments in Australian payroll compliance,’ you will gain insight into a variety of recent legislative and software changes relevant to business payroll processes and obligations, including:
- The new indexed figures for the 2022/2023 financial year, and how these impact the lump sum D threshold, employment termination payment (ETP) cap, maximum super contribution base, super guarantee percentage rate, modern awards, study and training support loans, and super guarantee contribution thresholds.
- Increases to concessional and non-concessional superannuation caps.
- An increase to the payroll tax rate in New South Wales following the temporary COVID-19 rate reduction, which has ended.
- An increase to the high-income threshold, which is significant as it affects eligibility to be protected from unfair dismissal, guarantee of annual earnings, unfair dismissal compensation caps.
- Single touch payroll expansion for additional reporting purposes.
- The national minimum wage increase.
- An increase to modern awards.
- Considerations for evaluating whether additional hours are or are not reasonable as detailed by a recent court case.
- The phasing out of schedule X.
- New changes to the Western Australia Long Service Leave Act 1958, as introduced by the Industrial Relations Legislation Amendment Act 2021.
By understanding and adhering to legislative payroll changes, organisations can expect to have confidence in their payroll related decisions. The information in this ebook will provide you with the knowledge of how new changes as of July 2022 will impact your business and its payroll processes, so that you are able to successfully adapt to this new legislation. By accessing the insights in ‘Recent developments in Australian payroll compliance,’ organisations will be better equipped to ensure successful payroll management.