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Fringe Benefits Tax (FBT): employees’ private use of vehicles
ATO to contact clients over bank details
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Identification numbers for directors
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Australia's vital statistics
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Victorian Vacant Property Tax
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Update of Australia's vital statistics
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ATO’s corporate residency guidance cops backlash
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Tools for budgeting, cash flow, Super and more ….
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Articles archive
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Quarter 3 July - September 2015
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Quarter 4 October - December 2014
Quarter 2 of 2015
Articles
Capital Gains Tax – which year?
SMSFs may be missing out on allowable deductions
Change to Early Access Rules
Checklist for Employers Year-end
Year-end Tax Planning – Trusts
Year-end Tax Planning – Small Business
Reminders and Tax Strategies for SMSFs pre-year end
Year-end Tax Planning – Individuals
Overtime Payments May Eliminate Claims for Unfair Dismissal
Tips and traps for acquiring SMSF assets from related parties
ACCC issues scam warning
SME Dispute Resolution
Land Tax – Victoria
R&D incentives at risk
ATO adds ‘hot issue’ to its SMSF target list
Additional Super Contributions Not Appropriate for all
Issues arising from an underpaid pension
Salary and Superannuation after the death of an employee
IPA calls for zero pc tax rate
Australian Government - Budget 2015
Budget 2015 - some professional opinions
Looming end to SMSF Borrowings?
ATO warns SMSFs on franking credits scheme
Lump Sum Payments - Employer Reporting
Small business tax cuts 'not enough', says IPA
Lump Sum Payments - Employer Reporting

 

What should employers report on an employee’s statement of earnings (which most people still call a group certificate)?



       


Do not include any amount shown at a lump sum payment field in Gross payments.  You must show each lump sum payment as the appropriate payment type.


There are four types of lump sum payments:-


  1.   Amounts paid for leave entitlements not shown.
  2.   Amounts paid for unused long service leave that accrued before 16 August 1978.
  3.   The tax-free component of a genuine redundancy payment or an early retirement scheme payment.
  4.   Amounts paid for back payment of salary or wages that accrued more than 12 months ago or any return to work payments.

The employer must include all PAYG amounts withheld from lump sum payments in the total tax withheld.


The Australian Taxation guide “How to Complete the PAYG Payment Summary – Individual Non-Business” form is useful or call your tax adviser.
AcctWeb


 




7th-April-2015
 

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