Monday 11 July - Creating Confidence In How Australians Are Paid

Additional pay periods in a FY : Newsbite

In some financial years, payees who are paid:

• Fortnightly will have 27 paydays for the year instead of the usual 26
• Weekly will have 53 paydays for the year instead of the usual 52

As the calculations for withholding tax are based on the normal number of pays in a year, the extra pay may result in insufficient amounts being withheld. You should let your payees know when this happens so they can ask you to withhold an additional amount. If the payee wishes to have an additional amount withheld to avoid a tax liability at the end of the FY, they can request additional tax be withheld. This written request can be made by any means that suits the business and meets your record keeping obligations (eg the request can be made via email or even through an ESS portal where the functionality is available). Unlike downward withholding variation, there is no specific ATO document that must be submitted where an employee chooses to have more PAYG withheld.

• Fortnightly 27 pay days: https://www.ato.gov.au/Rates/Fortnightly-tax-table/
• Weekly 53 pay days: https://www.ato.gov.au/Rates/Weekly-tax-table/

National Payroll Day - 22 July 2022

A day to thank Payroll - it makes sense

Friday 22 July 2022 is National Payroll Day.?We?encourages payroll professionals around Australia to spread the word by downloading the National Payroll Day email signature and poster (click here to download).

Why Celebrate?

Because the wage is the single biggest benefit offered by an employer and when managed correctly it supports employee engagement, financial wellbeing and protects an organisations brand ... Payroll is so much more than just a transaction.

How will you celebrate your payroll team this year?

Late Change (Km Rate for 2023) : Newsbite

The original draft decision in March was to increase the rate to $0.75 cents but it has now increased to $0.78 cents per km in the final June Decision.

Questions & Answers

Question:

How can employees access their Income Statement?

Answer:

Employers no longer need to provide employees Income Statements at the end of the Financial Year. Employees can access this instead via the employees Tax Agent/Accountant or via the ATO online services myGov.

1. Log in to myGov.
2. Select Australian Taxation Office.
3. Select (from the top of the screen) Employment and then Income statements. If an employee does request for their Income Statement you can provide the below factsheet.

https://www.ato.gov.au/uploadedFiles/Content/MEI/downloads/n75191_employee_factsheet.pdf

Training Event : Payroll Leadership Academy

Are you a leader and manager in the Payroll world? Would you like to expand your skill set, understand what is possible in payroll and take your leadership skills to the next level?

Payroll Leadership Academy is an intensive two day, advanced learning program that focuses on the skills that payroll professionals and leaders need to be stronger and more effective. Our signature two day event is immersive and hands on, helping you to become the best payroll leader you can. This in turn will maximise the positive impact of payroll for your employer and that can only be a good thing for you.

• Dates: Sep 8 & Sep 9, 2022
• Location: Australian Institute of Company Directors | 18 Jamison St, Sydney, New South Wales, AU, 2000

Learn More: https://www.austpayroll.com.au/payroll-leadership-academy/

Interested in becoming a member?

Click Here.

Take a look at our Google Reviews?-?https://www.austpayroll.com.au/google-reviews/