The ATO, Treasury and the Victorian and federal governments have announced changes that may impact your HR and payroll.
Victorian payroll tax deferral
Employers with Victorian payrolls up to $10 million, based on their 2019-20 financial year annual reconciliation, can defer their 2020-21 payroll tax liabilities until the 2021-22 financial year, as part of a $3 billion support package.
Payment of wages on termination
The Fair Work Commission has further varied the payment of wages on termination clauses in several awards: Graphic Arts, Printing and Publishing Award; Food, Beverage and Tobacco Manufacturing Award; Manufacturing and Associated Industries and Occupations Award.
JobKeeper extension to 28 March 2021
The Government has extended the JobKeeper Payment scheme. For each of two separate extension periods, an additional actual decline in turnover test applies and the rate of the JobKeeper payment is different.
Tax tables update
The Federal Government has announced updates to income tax brackets, which will be backdated to July 2020. As the changes to withholding are made part way through the income year, employers and other payers who are unable to immediately implement these changes into their payroll will have until 16 November 2020 to do so.
Superannuation reforms set for July 2021
The next phase of the Federal Government’s Your Future, Your Super reforms, commencing on 1 July 2021, includes a measure to keep super funds ‘stapled’ to workers, so that they keep their current super fund when they change jobs.
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