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Employers, or a group of related businesses, whose total Australian wages exceed the current NSW monthly threshold, are required to pay NSW payroll tax. Each monthly payment or 'nil' remittance is due seven days after the end of each month or the next business day if the seventh day is a weekend (i.e. August payment is due by 7 September).
If redundancies must take place, the National Employment Standard in section 119 requires minimum redundancy payments of at least 4 weeks' pay for employees that have worked over 1 year to 16 weeks' pay for people with at least 9 years' work, while those over 10 years' work may take advantage of long service leave and redundancy pay. [234]
In Australia, a fringe benefit is a payment to an employee that is not considered part of the employee's income. Fringe benefits can be given to current, former, or future employees or a member of their family, a trustee, or a director. [3] The tax is paid by the employer only, and is not expected to be paid by the employee.
The Australian Taxation Office (ATO) administers a pay-as-you-go tax (PAYG) withholding system. Introduced in 1999, it merged 11 previous payment and reporting systems, one of which was a "PAYE" system for employee income, from which the name "PAYG" distinguishes. [8]
The progressive nature of income tax in Australia results in different income groups paying different amounts. The top 1% of income earners pay 18% of income tax received. The top 3% pay 28% of income tax. The top 10% of earners paid 46% of all income tax paid. The bottom 50% of earners paid 11% of all income tax. [19]
The National Employment Standards (NES) is a set of eleven minimum entitlements for employees in Australia who are covered by the Fair Work Act 2009.An award, enterprise agreement, other registered agreement or employment contract cannot provide for conditions that are less than the national minimum wage or the National Employment Standards and they can not be excluded. [1]
In the 2012–13 financial year, the ATO collected revenues totalling $313.082 billion in individual income tax, company income tax, goods and services (GST) tax, excise and others. [ 6 ] Former employee Richard Boyle has alleged that there was a culture within the ATO to increase the use of garnishee notices , which allow the ATO to access ...
They argued employees could lose entitlements they previously had, including wage rates based on skill levels, standard hours of work, work-related allowances, annual leave loading, redundancy pay, overtime pay, and weekend and shift work rates of pay. Employees who previously had these entitlements under an industrial instrument would retain them.