Those of you with HELP and or other post-secondary education debts should be aware of the changes to the repayment income thresholds.
Once repayment Income (different to taxable income!) reaches $45,881 per annum debts will need to be repaid, starting at a rate of 1% of income up to a maximum of 10% once income reaches $134,573 per annum.
For more detail go to www.ato.gov.au/rates/help,-tsl-and-sfss-repayment-thresholds-and-rates/
By now, most of you would have heard about Single Touch Payroll. The Australian Taxation Office now expects all payroll data (e.g. salaries, PAYG Tax withheld, superannuation due) to be transmitted directly to the ATO via their Portal each time payments are made.
The LCA HRS is fully compliant with the ATO requirements and has started reporting all payroll data as it is legislatively required to do. You will not see any changes to your pay slips throughout the year.
At the end of the financial year however, payment summaries will no longer be produced and instead all your income and tax data will be accessible to you via your myGov account. If you work with a tax agent they will have their own mechanisms for accessing your information.
We cannot assist with your myGov account set up and neither can we access it. Other government agencies (aside from the ATO) may increasingly require you to access them through a myGov account.
All the government agencies are increasingly sharing data amongst each other and with the banks and other financial institutions. We’d suggest you take the time to keep up to date with changes in this space. We’ll do our best to keep as up to date as we can but please be aware that things are changing rapidly and frequently in this area.