Payroll 1
What does PAYG stand for?
Pay as You go - taxes withheld from and employees wage
What does STSL stand for?
Study and Training Support Loan
What two bodies were established to administer the Fairwork Act?
FWC and FWO
How many Fairwork Information statements are there?
Three
What is a Modern Award?
A document that sets out minimum terms and conditions of employment on to of the NES. Usually industry or occupation based.
What does NES stand for?
National Employment Standards
What year was the Fairwork act passed?
2009
How many types of Enterprise Agreements are there?
Three
If an employee does not provide their TFN in the required time frame, what is the consequence?
47% tax is applied
Lis 3 forms/documents that you must provide to a new employee
Fairwork Information statements
TFN Declaration
Super Choice Form
How long do you need to keep payroll records for
Seven years
What are the PD/CPE requirements of a BAS Agent
90 hours over 3 years , with a minimum of 20 each year
How many weeks paid parental leave can a person get?
If eligible, 22 weeks at the minimum wage rate
What is the threshold for Payroll tax to apply in Victoria?
Annual wages of $900,000 or $75,000 monthly
What is the payroll tax percentage?
4.85% (1.2125% for regional employers)
True or False - All businesses must take out Workcover?
False
What is gross earnings?
The total amount earned by the employee in the pay period. (before tax)
What section are wages and taxes reported to the ATO in a BAS
W section
Explain what ordinary times earnings is and when does it apply?
Its wages paid for ordinary working hours and does not include things like overtime, termination payments, parental leave , reimbursement of expenses. Used to work out the super guarantee amount
How many elements are in the Tax Agent Services legislation?
Six
What is the experience requirements needed to become a registered BAS agent?
1400 hours over 4 years OR 1000 hours over 4 years if you are a voting member of a professional body
How many code of Professional conduct items are there for BAS Agents
17
List 3 sanctions that may occur if you fail to comply with the Code of Conduct for BAS agents
Written Caution, an order, suspension of registration, termination of registration