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Shift work entitlements and penalty rates stump 1 in 2 Australian payroll departments

WITH EMPLOYEE underpayment scandals occurring with increasing regularity, new research has revealed that 48 percent of organisations want better information on penalty rates and other shift work entitlements, to enable their payroll departments to do their jobs better.

The research comes from a survey of more than 630 payroll managers by the Australian Payroll Association, one of Australia’s leading networks in payroll training, consulting and advisory for employers.

The results indicated that the building and construction industry most struggled with understanding shift work entitlements: 74 percent of payroll managers admitting they required more knowledge of this entitlement for better job performance. This compared with half the amount (37 percent) of payroll managers from the professional, scientific and technical services industries that felt they required more knowledge regarding shift work entitlements, including penalty rates.

The data also revealed which other entitlements payroll managers require more knowledge of: Forty-five (45) percent need more information about general tax requirements across multiple employee payment categories, 40 percent need more knowledge of long service leave payment rules, and 43 percent need more information on redundancy pay entitlements.

Payroll managers in smaller companies of under 50 people were much more concerned about redundancy pay, with 59 percent declaring it was an entitlement they required more information about to perform their job to a higher standard. This compared with only 31 percent of payroll managers at large companies with more than 5,000 employers who felt they needed more information on this entitlement.

Tracy Angwin, a leading Australian expert on payroll and the CEO and founder of the Australian Payroll Association, said, “With more and more companies facing Fair Work action as a result of employee underpayments, organisations must minimise the incidence of payroll errors. Payroll managers require proper training and qualification to maximise job performance and accuracy.

"The Australian Payroll Association offers online and in-person training sessions, as well as formal payroll qualifications for payroll personnel, to help them keep up-to-date with the technical aspects of payroll. We can also help them to find out how they can automate or simplify their payroll processes, as well as optimise their payroll functions.”

Q. Which aspects of awards and legislation around employee payments and entitlements require more knowledge to perform your job to the best of your ability? Choose all that apply

Shift worker entitlements, including penalty rates

48%

General tax requirements across multiple employee payment categories

45%

Redundancy pay

43%

Long service leave

40%

Wages of salary

23%

Superannuation

16%

Annual leave

7%

Sick leave

6%

 

About Australian Payroll Association

Australian Payroll Association is one of Australia’s leading networks in payroll training, consulting and advisory for employers. It offers end-to-end payroll process reviews, compliance auditing, specialist recruitment services, payroll qualifications and training courses, and a membership program. Established in 2010, Australian Payroll Association offers the only nationally accredited payroll qualifications at Certificate IV and Diploma level through its registered training organisation, Australian Payroll Institute. It also holds annual events including its national conference and end of year seminars, in addition to releasing an annual Payroll Benchmarking Report. It also has a regular digital podcast series called ‘Talking Payroll’. 

austpayroll.com.au.

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Development of the Australian retail corporate bond market

THE House of Representatives Committee on Tax and Revenue has commenced an inquiry into the development of the Australian retail corporate bond market.

Jason Falinski, chair of the committee, said, "A number of reviews have observed that the Australian retail corporate bond market is small compared to those of similar countries.  The committee is interested in why Australian businesses make greater use of offshore bond markets rather than issuing bonds."

The committee will consider the tax treatment of corporate bonds as well as the Corporations Act 2001 to determine whether there are any impediments to the development of the retail corporate bond market.

Submissions from interested individuals and organisations are invited by Thursday, March 16, 2020. The preferred method of receiving submissions is by electronic format lodged online using a My Parliament account.

Further information about the inquiry including the terms of reference is available on the committee’s website.

Public hearing details

Public hearings for the inquiry will be held in due course and notified through the Committee’s website.

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Committee to examine initiatives that foster rural and remote youth aspiration

RURAL YOUTH ambassador alumni and representatives of the Country Education Partnership will appear before the House Standing Committee on Employment, Education and Training on Wednesday, February12,  2020 at a public hearing for the committee’s inquiry into the education of students in remote and complex environments.

Chair, Andrew Laming MP, said, "The Committee is concerned that students in regional, rural and remote areas risk falling behind their peers in metropolitan areas due to inequitable access to education and other opportunities.

"Raising awareness of options for further education and training, and career opportunities can help build student aspiration. The committee looks forward to hearing from the Country Education Partnership and Rural Youth Ambassador Alumni about a range of initiatives that foster youth aspiration," Mr Laming said.

"The committee is particularly interested in hearing how education meets the learning needs of students and how barriers in education can be overcome."

Public hearing details

Date: Wednesday, 12 February 2020
Time: 11.30am to 12.45pm
Location: Committee Room 2R1, Parliament House, Canberra

The hearing will be broadcast live at aph.gov.au/live.

The closing date for submissions has been extended to Friday, 28 February 2020. Submissions can be made online or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it..

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Challenging conditions demand fiscal stimulus measures - CPA Australia

CPA AUSTRALIA'S 2020-21 Federal Budget submission proposes the government implement a suite of both short and longer-term fiscal measures that will help to stimulate the economy.

Both official and private sector data points to 2020 being another challenging year for Australia. Preliminary results from the organisation’s Asia-Pacific Small Business Survey also supports this view, with 40 percent of Australian small business respondents expecting the economy to contract in 2020.

Australia is also facing challenges such as ever-increasing international competition and an ageing population, as well as the recent bushfires, the ongoing drought and the potential economic risks associated with the spread of coronavirus, warned CPA Australia.

Recommendations by the CPA include the Federal Government:

  • increases its spending on repairs, maintenance and preservation of public assets, especially in areas impacted by recent fires and drought;
  • fund a business advice voucher system for bushfire affected businesses of $1,000 per business;
  • introduces a broad-based investment allowance for businesses;
  • removes many of the government fees imposed on small business;
  • funds a holistic review of the regulatory frameworks for financial advice to ensure regulation is fit for purpose and to reduce overlaps and costs;
  • introduces a 40 percent savings income discount for individuals and non-business-related net interest income and net residential rental income;
  • funds the development of educational material and other programs to assist small business build their digital capability, management skills and understanding of overseas markets, and delivered by professional advisers;
  • funds programs that encourage those new to business to seek professional advice. Options include the government giving new businesses a voucher that can be redeemed for professional advice from, for example, a registered tax agent;
  • makes the current instant asset write-off a permanent feature of the tax system;
  • develops policies that further encourage the development and deployment of technologies that will play a role in combatting global warming. This should cover several policy areas including education, energy and science.

"We believe that these recommendations will assist Australian business weather the current economic challenges and help maintain the long-term sustainability of Australia’s public finances," a CPA spokesperson said.

CPA Australia’s full submission can be accessed here.

About CPA Australia

CPA Australia is one of the world's largest accounting bodies, with more than165,000 members working in more than 100 countries and regions and supported by 19 offices globally. Core services to members include education, training, technical support and advocacy. Employees and members work together with local and international bodies to represent the views and concerns of the profession to governments, regulators, industries, academia and the community. 

www.cpaaustralia.com.au

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Help Australia grow by improving the Significant Investor Visa program - Atlas Advisors

FUND manager Atlas Advisors Australia is urging the Australian Government to recognise the long-term benefits of foreign investors to the Australian economy by increasing incentives under the Significant Investor Visa scheme.

It comes as the February 14 deadline approaches for public consultation on the Business Innovation and Investment Program: Getting a better deal for Australia, including the settings for Investor visas and Significant Investor visas.

Executive chairman of Atlas Advisors Australia, Guy Hedley said the fund manager entirely supported the review and the Federal Government’s objectives to maximise the opportunities and benefits to Australia from the program. 

“The Significant Investor Visa program has brought in billions to the Australian economy, assisting the growth of Australian companies and startups, creating employment opportunities and increasing our exports,” Mr Hedley said.

“However the hard figures do not account for the longer-term economic and other benefits of the scheme.”

Mr Hedley said the economic impact of the SIV scheme was currently measured only across the four-year investment period of the visa. 

“This does not account for the impact super wealthy migrants have on the Australian economy for the years after they obtain permanent residency,” Mr Hedley said.

“These new migrants not only pour billions of dollars into our economy, they also bring skills, expertise and experience that is assisting Australia to enhance its competitiveness in global trade and build better links with international markets. These effects last for generations.”

Aside from the SIV investment requirements, many applicants make additional investments to improve their knowledge of the business environment and build stronger connections to Australian communities.

“They also donate to charities to help people in need in and to help us better protect our environment,” Mr Hedley said.

With more than $1.7 billion of funds under management, Atlas Advisors Australia manages the investments of many of the highest net worth Chinese investors into Australia.]

Mr Hedley urged the Australian Government to remain committed to the SIV program and to strengthen incentives for applicants.

“The Federal Government’s recognition of the value and contribution that our new migrants make is critical to encouraging ongoing investment in Australia.”

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