You've run the EOFY race and crossed the finish line!
Here are some helpful links to assist you when commencing your 2021 Payroll Marathon!
Employers may choose to let their employees know and If they are concerned about a shortfall, the employee can ask to have additional tax withheld each period by returning an Upward variation.
2020-21 is a 53 week / 27 fortnight payroll year
The Government has announced that Study and Training Support Loan Rates and Thresholds have been increased for FYE 30 June 2021.
2020-21 Study and Training Support Loans
The Government has decided to defer the 2020-21 Budget until 6 October 2020.
2020-21 Budget announcement
The Fair Work Commission has announced there will be an increase to the National Minimum Wage from 1 July 2020 and an increase to modern award rates from either 1 July 2020, 1 November 2020, or 1 February 2021 depending on the award.
2020-21 National Minimum Wage Increase
The Fair Work Commission (the Commission) has been reviewing all modern awards since 2014, as part of their 4-yearly review of modern awards. During this process, they've clarified how some award clauses work and changed other clauses.
Fair Work Commission Award Review 2020
From 1 January 2020, salary sacrificed super contributions can't be used to reduce your super guarantee obligations, regardless of the amount your employee elects to salary sacrifice.
Concessional Superannuation 1 January 2020
Superannuation Guarantee Ruling SGR 2009/2 provides our view that annual leave loading will be ordinary time earnings (OTE) unless it is referable to a lost opportunity to work overtime:
Annual Leave Loading (OTE Ruling)
The Full Federal Court of Australia handed down a decision dealing with how paid sick and carer’s leave accumulates and is taken under the National Employment Standards (NES).
The Mondelez Decision - Sick and Carer's Leave
In response to the COVID-19 crisis, The ATO has extended the exemption deadline for Closely Held Payees from 1 July 2020 to 1 July 2021.
