Medicare gives Australian residents access to health care. It is partly funded by Taxpayers who pay a Medicare levy of 2% of their taxable income. If we don’t haveprivate hospital health insurance, you may have to pay the Medicare levy surcharge (MLS) in addition to the Medicare levy.This depends on the income for MLS purposes. The Medicare levy and MLS and any reductions are calculated from information provided in tax return Payroll tax (1 Mark) Payroll taxes are taxes imposed on employers or employees, and are usually taxes calculated as a percentage of the salaries that employers pay their staff. Payroll taxes generally fall into two categories:deductions from an employee’s wagesand taxes paid by the employer based on the employee’s wages.ATO Pay As You Go (PAYG) withholding tax laws (1 Mark) When you make payments to employees and some contractors, you need to withhold an amount and send it to Australian Taxation Office at regular intervals. The ATO calls this Pay As You Go (PAYG) withholding.
T-1.8.1 Payroll and Activity Statement, Assessment 1, v1.0 Page 24 Australian Bureau of Statistics (ABS) Act 1975 (1 Mark) The Australian Bureau of Statistics(ABS) is the independent statistical agency of the Government of Australia. The ABS provides key statistics on a wide range of Economic, population, environmental and social issues, to assist and encourage Informed decision making, research and discussion within governments and the Community.ATO Fringe Benefits Tax laws (1 Mark) Fringe benefits are an important part of business and can be a useful way of attracting quality staff. However, if you're going to provide fringe benefits to yourstaff, you need to be aware of your taxation obligations. Fringe Benefits Tax (FBT)a tax payable by employers for benefits paid to an employee (or an employee'sassociate e.g. a family member) in place of salary or wages. This is separate toincome tax and is calculated on the taxable value of the fringe benefits provided.ATO Superannuation Laws (1 Mark) Personal superannuation (often simply known as ‘super’) is money that’s put aside and saved while you’re working, so you can enjoy a regular income later in life when you retire.The minimum you must pay is called the super guarantee (SG): The SG is currently 9.5% of an employee's ordinary time earnings.Tax Agent Services Act 2009 (TASA 2009) (1 Mark) Tax Agent Services Act 2009-establishes the Tax Practitioners Board and provides for the registration and regulation For the registration and regulation of tax agents, BAS agents and tax (financial) advisers. Contains the transitional and consequential matters arising from the enactment of the TASA.
T-1.8.1 Payroll and Activity Statement, Assessment 1, v1.0 Page 25 Industry Awards (1 Mark) In Australia, an industrial awardis a ruling handed down by either the Fair Work Commission or by a state industrial relations commission which grants all wage earners in one industry or occupation the same minimum pay rates and conditions of employment such as leave entitlements, overtime and shift work, as well as other workplace related conditions.