Compensation Claim Made Available Employee -Myassignmenthelp.Com

Question: Discuss About The Compensation Claim Made Available Employee? Answer: Introducation Once a new employee is engaged, payroll officer needs to set up the records for this employee. In essence, payroll officer needs to collect information such as history of employees jobs, compensation changes, loans, departments, as well as garnishments in setting up necessary payroll records. Withholding declaration should be completed by employee when s/he wants his payer to adjust amount withheld from his or her payments that was made to him or her. In addition, an employee should complete withholding declaration when s/he wants to advise his or her payer of an adjustment to information s/he previously gave in the tax file number declaration. The HELP stands for Higher Education Loans Programme which is a loan scheme for needy students that are enrolled in the Commonwealth supported areas in paying their student contribution payments. Given that an employee claim tax-free threshold, and has a HELP debt with gross weekly earnings or around $2,459, s/he should withhold a tax of around $2,459. In case an employee is under 18 years and works for 15 hour every week, s/he is not eligible for the Super Guarantee since for an individual employee who is under 18 years to be eligible for super fund, s/he has to work for around 30 hours every week and has to be pad around $450 before tax every month. Not all employees are usually eligible to select their choice of the super fund. This is based on the notion that only those employees employed under the federal award, or under the former state award or those employed under an industrial agreement or an award who do not need super contribution or those or those not employed under any industrial agreement or state award are eligible for super funds. Medicare levy is the amount of tax that assists in financing public health care system. In essence, it is a tax applied to the high income earners that do not have suitable level of the hospital cover. With these notions, employee can request for a variation in Medicare levy based on their level of income. To request for a variation, they need to complete a Medicare levy variation declaration form; that is, NAT 0929. This is usually the amount of tax which an employer pays or withholds on behalf of the employee. Basically, payroll tax is that tax imposed on an employee or employer and is computed as the percentage of salaries which employer pays to his or her staff. Payroll tax threshold in Northern Territory is $1.5 million annually and $125,000 monthly. In addition, the current tax rate in Northern Territory is around 5.5%. The ABN stands for Australian Business Number. This is a unique number representing a given business to tax office as well as other official bodies. If a business happens to purchase supplies from a business that does not quote the ABN on the invoice, they should withhold amount from payment from that business. To meet the PAYG withholding annual reporting obligations, all the payment summaries should be provided to all personnel not later than 14th July every year. To meet the PAYG withholding annual reporting obligations, all the payment summaries should be provided to ATO not later than 14th August every year. There are three types of the payment summaries; these include the individual no-business, superannuation lump sum as well as business and personal service income. Fringe benefit is usually a form of payment for performance of services. In other word, it is a form of compensation employers provide to their employees outside of the stated salary or wage. Examples of fringe benefits that employers might provide to their employees include retirement benefits, health insurance policies childcare assistance, physical fitness as well as education assistance which might help in recruitment of top quality and skilled employees. Some of the benefits that are exempted from the Fringe Benefits Tax for employers include insurance coverage, education assistance, retirement benefit plan, childcare assistance as well as physical fitness assistance. The current FBT rate is 47% which is relatively lower as compared to the previous year. If a business is not entitled to the GST credits, the GST is said to affect the FBT liability. This is based on the fact that where there is no entitlement to the GST credit, a lower gross-up rate in FBT liability is used. This is an arrangement where different employees agree to sacrifice part of their future wages or salary in return for their boss offering benefits of same value. With these considerations, salary sacrifice arrangement cannot be classified as the employer contributions since it is a salary packaging or the total remuneration packaging from employees. Some of the PAYG records that the ATO needed businesses to keep include governing document, financial reports, cash book records, records relating to the employees, records of payment withheld, grant documentation, contracts and agreements as well as bank records. Australian Bureau of Statistics Full-time adult average weekly ordinary time earings in Australia in November 2015 was 1,602.80. Privacy Act 1988 The four principles in the National Privacy Principle under Privacy Act 1988 in Schedule 3 include collection, openness, information quality as well as information security. These principles relate to establishing and maintaining a payroll system since for instance, the principle of openness provide some policy on how to manage personal information and how to make it readily available to other individuals who might ask for it which is crucial in establishment and maintenance of a better payroll system. Tax Practitioners Board The BAS is defined in TASA as advising and ascertaining about obligations, liabilities or entitlement of the customer under the BAS provisions or signifying customers in their function with commissioners of the Taxation with regard to the BAS provision. To register as a BAS agent, one must fulfill the following requirements; first, s/he should be around 18 years. Second, one should be fit and proper person. Third, one should satisfy experience and qualification requirements. Further, one should be able to maintain specialized indemnity insurance cover which meets all their requirements. Fifth, one should not have been condemned of any serious offense involving dishonesty or fraud during the last five years. Sixth, one should not be under any external administration. Finally, one should provide all the supporting documents. Qualifications Experience For one to be a BAS agent, one should have at least certificate IV for Financial services in accounting or bookkeeping. In essence, one should have tertiary qualification in accountancy and should have a membership of professional association. Obligations The principles are set out in five main categories; these are, independence, competence, honesty and integrity, confidentiality as well as other responsibilities. The principle of code relating to the confidentiality states that unless one have legal duties to do so, one should not disclose any relevant information relating to the customers affairs to the third party without their customers permission. Confidentiality and Security of records The most relevant measures that could be implemented to ensure confidentiality of the payroll data include ensuring that the information cannot be seen by unauthorized personnel and that it is stored securely at end of every day, logging off payroll system prior to leaving the computer, ensuring that data is utilized only for the main objective for which it is intended, not discussing personal details of personnel within hearing of the unauthorized persons, positioning computer screen such that unauthorized individuals cannot view the displays as well as ensuring that only the authorized individuals are given access to information regarding personnel pay records. Awards (Fair Work Commission) An award is usually something given to certain individuals or a company in recognition of their good work in specific field. In other word, it is a document that offers details of status of employees, as agreed in between the employers and Unions. Awards were modernized on 1st January 2010 corresponding with the starter of the new national workstation associations systems. The ten National Employment Standards entitlements include Maximum for flexible weekly hours, parental leave as well as related entitlements, request for a flexible working arrangement, personal and compassionate leave, annual leave, fair work information statement, public holidays, long service leave, community service leave, as well as notice redundancy and termination pay. This is the conditions and terms of employment in between employers and their key personnel. The three types of enterprise agreements include Greenfields agreement, single-enterprise agreements as well as multi-enterprise agreements. In approving enterprise agreement, Fair Work Commission should consider that pre-approval steps are undertaken properly. The commission should also ensure that the agreement has been clearly agreed to by all the relevant personnel. In addition, the commission should ensure that the agreement does not contain any term that exclude or that have impact of excluding NES. They should also ensure that the agreement have clear date as its expiry date and provide dispute settlement procedures. Annual Leave Every employee accumulates around four weeks of the paid annual leave every year. This entitlement accumulates constantly on the basis of number of ordinary hours these employees work. In case an employee takes an annual paid leave within a day that is public holiday, this employee should not be considered on paid leave. Personal/Carers leave The minimum entitlement to personal or career leave is around 10 days every year. This accrues progressively during the year according to number of the ordinary hours worked and they usually accumulate every year. Every employee is entitled to a minimum of two days as compassionate leave which is to be spent with the member of their families who has sustained injury or life-threatening illnesses. Casual employees are not paid for compassionate leave since they are eligible for unpaid compassionate leave. Long Service Leave Employees are usually entitled to a long service leave which is in line with his or her applicable pre-modernized award. The minimum long service leave entitlement for an employee in Northern Territory is when an individual complete 10 years in service with the employers. Here, on maturity, an employee is entitled 1.3 weeks for every completed year of the service with the employers. An employer is required to keep long service leave records or entitlements. These are records designed in ensuring that personnel or employees receive their correct entitlement and wages. The general employment records include employers name, employees name, basis of employees employment, employers Australian Business Number as well as employees commencement date. Additional information that should be kept for every employee include their name, rate of pay paid to each employee, net or gross amount paid to each employee as well as details of any bonus, penalty rate or monetary allowance paid to each employee. Pay slip should be issued to every employee in one day of the pay day even when s/he is on leave. This should be issued electronically or in hard copy. Some of the key information that needs to be included in the pay slip include employers name, pay period, employees name, net or gross amount of payment, employers ABN, date of payment, as well as any loading, bonuses, penalty rates, monetary allowances, incentive-based payments or other identifiable entitlements paid. An employer can make deductions from the employees payment if an employee has authorized deduction in writing or if the deductions are primarily for employees benefit or if these deductions are authorized by an employee in line with registered agreement or when it is authorized by award or when Fair Work Commission gives an order. Workers Compensation Occupational Health and Safety Employers obligations according to workers compensation insurance are to arrange workers compensations policy on time and ensure that every employee or work in covered for the workers compensation. Wages, salaries or remunerations constitute of salary, shift and other allowances, bonuses, payment for the annual and public holidays, over-award payments, overtimes, payment for the sick leave, market value of the lodging, and board provided by employers for workers, superannuation contributions payable to workers, total value of salary sacrificed amount as well as payment for the long service leave. The four main measures that could assist a given business keep its workplace safe include training and supervision, consultation, risk management as well as setting better reporting procedures. The employers obligation to an injured employee in regard to their compensation is t to make sure that compensation claim is made available to the employee, to forward employees claim form to insurer within three days as well as to follow up on their compensation payments. References Fair Work 2017, best practice guides; Viewed at 5th October 2017 from; help/templates-and-guides/fact-sheets/rights-and-obligations/record-keeping-pay-slips