Summertime January 2019
New Years Resolutions
Did I blink or are we really in the middle of January. I’m still working on my new years resolutions, which were going fine until happy hour and half price pizzas on Friday at my local pub!
If you have any good resolutions or know of any please feel free to share on our Facebook or Instagram page.
Proposed Changes to Superannuation
Changes to superannuation were announced in the Federal Budget on 8 May 2018. These super changes are not yet law but it is well worth considering how your plans might be affected.
The proposed changes include fees
A cap on admin and investment fees on low balance super accounts (with less than $6,000) at 3% to prevent low super balances from being eroded by fees. This may see fees reduce for some fund members.
A ban on all super fund exit fees. According to APRA, super members lost approximately $52m in exit fees in 2016/17.
Insurance within super to be opt-in rather than default for members under 25, members with balances of less than $6,000 and members whose accounts have not received a contribution in 13 months and are inactive. A number of Industry SuperFunds have already taken steps to change insurance coverage for younger members. It will be important to ensure no workers are left without insurance, such as new entrants to the workforce, women on extended maternity leave or low balance workers in high risk jobs. This change is likely to impact the insurance arrangements within super and is proposed to take effect from 1 July 2019.
All super accounts that have not received a contribution for 13 months, with balances below $6,000, to be classified as inactive and transferred to the ATO and for the ATO to attempt to proactively reunite those accounts with a member’s active account. Accounts not auto-consolidated will go to consolidated revenue until validly claimed. These changes may have implications for seasonal and other irregular workers. You will be able to inform your fund that whilst you are not making contributions you wish your monies to remain in your fund. These measure starts 1 July 2019.
Still confused? contact your superfund
A reminder for workers that are leaving Australia permanently, don’t close your super account until ALL your funds have been paid into your account which could take 4 - 6 weeks from the end of the last month you worked.
New Year New Look
Spruce up your look as “first impressions count”. If you haven’t been in for a uniform check then this is your opportunity while you have the time before it gets frantic again. This will also give YOU the opportunity to let us know what you enjoy about working for Alseasons. If we use your comment/s you will be in the draw for a lottery ticket in the $30million prize.
This is your opportunity to recheck your availabilities, so you can be assured of getting the work. It’s also a great opportunity to work with your buddy’s by introducing them to Alseasons. We have Mother and sons and Father and daughters, partners and family but if you are anything like me I love working with my friends.
“We’re expanding! Our boardroom clients are getting busier all thanks to our amazing staff! A big thank you to Christina and Ash, who have been shining examples of Alseasons hospitality. Christina started by making coffees and filling in and is now an integral part of the boardroom team—one of the most popular people on the floor! Where Ash started by helping with the dishwasher, as is now helping prep for VIP functions in the most exclusive boardrooms in the city.”
Taku on your second child! We are so happy for you and your family. What a way to start the new year! Taku is a wonderful chef that always keeps us up to date with his schedule so that he can manage fatherhood and keep his work coming in.”
Royal Easter Show Homebush and Autumn Carnival Randwick and Rose Hill
It’s fun time at the Easter Show and fast past racing at the Autumn Carnival so if you are interested at working at these events, please call Grant.
Alseasons are now reporting staff wages to the ATO on a weekly bases using the new Single Touch Payroll (STP) portal.
Employees will be able to see their year-to-date tax and super information online. This will be available in myGov.
If you use a tax agent, your agent will also have access to this information.
The year-to-date data you see may not always align with the data in an employer's payroll software – for example, when you report information that needs to be corrected in your next pay event.
It is not mandatory for employees to have a myGov account, however, if you want to access your information online throughout the year, you will need one and It's easy to create online.
As more information regarding myGov and STP come to light we will keep you informed.