2014 Payment summaries
Published: Wednesday 25th June 2014
2014 Payment Summaries
In accordance with ATO instructions, staff are advised that Payment Summaries will be issued by 14 July 2014. Staff will have their Payment Summary available via Staff Connect and can access them through the ‘My documents/ Payment Summaries’ link.
Casual and sessional staff who are not currently employed will have their Payment Summary mailed to their home address in addition to having it available via Staff Connect. Terminated staff will also receive their Payment Summary by mail.
Please be aware that if you had two or more types of employment relationships during the year for example casual and continuing you will have multiple Payment Summaries.
Payment Summary information will also be pre-filled into tax returns electronically with the ATO.
Reportable Employer Superannuation Contributions (RESC)
Employers are now required to include all pre-tax (salary sacrifice) superannuation contributions on your Payment Summary. The ATO call these contributions “Reportable Employer Superannuation Contributions”.
Although this does not affect your taxable income, you will be required to declare the contributions in your tax return. The ATO, CentreLink and the Family Assistance Office will then include them as income in determining your eligibility and entitlement to a range of government benefits including Family Tax Benefit, Child Care Benefit, super co-contribution and Commonwealth Seniors Health Card. It will also be taken into account for HECS/HELP repayments.
Standard employer superannuation contributions are not reported on the Payment Summary.
Medicare Levy Increase
From 1 July 2014, the government will increase the Medicare levy rate from 1.5 to 2% of taxable income. The money raised from the increase will be used to fund the National Disability Insurance Scheme.
Old Tax Thresholds
|$0 – $18,200 ||Nil|
|$18,201 – $37,000||20.5%|
|$37,001 – $80,000||34.0%|
|$80,001 – $180,000||38.5%|
|$180,001 and over||46.5%|
New Tax Thresholds from July 2014
|$0 – $18,200 ||Nil|
|$18,201 – $37,000||21.0%|
|$37,001 – $80,000||34.5%|
|$80,001 – $180,000||39.0%|
|$180,001 and over||47.0%|
For queries regarding your Payment Summary, contact the HR Advisory Service on HR@acu.edu.au or (02) 9701 4222.