1 July 2007 - TFN’s to Superannuation funds
Applies only to new employees & current employees who complete a new TFN declaration.

Employers must supply employee TFN’s to super funds where an employee provides them with a TFN declaration

1 July 2007 - New Tax File Number Declaration
This is due to the change to the requirement to now pass on the TFN to the superannuation funds

1 July 2007 - ETP Rollover Statement & RBL forms abolished
ETP’s cannot be rolled over unless transition arrangements apply.

1 July 2007 - Super age–based deductible limits abolished
There is no limit on what an employer can contribute on behalf of an employee
Individuals will be subject to tax at 15% on first $50,000 ($100,000 if aged 50 or over) and 46.5% on any excess. This will be remitted by the super funds to the ATO.

7 May 2007 - “Fairness Test” introduced
This test has been introduced for workplace agreements that will guarantee the protected award conditions are not traded off without adequate compensation and applies to employees earning less than $75,000 per annum.
Agreements lodged before 07 May 2007 will not be affected.

More information: www.oea.gov.au

2006 Minimum Wage Decision
The Australian Fair Pay Commission’s first decision has 3 elements.

• an increase of $22.04 per week in all Pay Scales above $700 per week
• an increase of $27.36 per week in the standard Federal Minimum Wage
• an increase of $27.36 per week an all Australian Pay and Classification
• Scales up to and including $700 per week.

Example: for employees earning the standard Federal Minimum Wage of $484.50 per week, the October decision grants an increase of $27.36 per week. Their wage will increase to $13.47 an hour or $511.86 per week.

The decision is effective from December 1, 2006.

Source: www.fairpay.gov.au

Unfair dismissal limit
The remuneration limit for employees to seek remedy under the unfair dismissal laws has been increased from $94,900 to $98,200 from 1 July.

FBT changes pass through Parliament
Amendments are:

• increase in minor benefits exemption threshold to $300, up from $100
  
• increase the reportable fringe benefits amount threshold from $1000 to $2000
  
• increase from $500 to $1000 the reduction of taxable value that applies to in-house fringe benefits and airline transport fringe benefits.
  
• extend the definition of “remote” for the purposes of the FBT remote area
  
• concessions where the shortest practicable route involves travel by water.

RDO’s and super obligations
Rostered days off paid out to ongoing employees are considered superable by the ATO under the ordinary time earnings base.

How to split super
The Tax office has released the form to be completed by individuals who want to split their superannuation contributions with their spouse.