Reminders and changes as 2024 approaches
Employees can authorise salary deductions
From 30 December 2023, employees will be able to authorise salary deductions made by their employer that are:
- recurring
- for amounts that vary from time to time.
This means an employee can make a single written authorisation that allows their employer to deduct amounts from their salary even where the deduction amount may vary from year to year. It can be withdrawn by the employee in writing at any time.
Employees can also continue to allow deductions for specific amounts only. These types of deductions need to be:
- principally for the employee’s benefit
- in writing.
Final call to take advantage of the small business lodgment penalty amnesty
The Australian Taxation Office (ATO) is reminding small businesses to get back on track with your overdue lodgments before time runs out. Lodge by 31 December and failure to lodge penalties will be remitted, without the need to apply.
Right to superannuation in the National Employment Standards
From 1 January 2024, the National Employment Standards (NES) will include a right to superannuation contributions. This means that unpaid or underpaid superannuation can be enforced under the Fair Work Act by more employees (as well as by an employee organisation or Fair Work Ombudsman).
Reminder for new rules for fixed term contracts
New rules apply when engaging employees on fixed term contracts started from 6 December 2023.
The new rules include limitations on how fixed term contracts can be made. They relate to:
- time - how long a fixed term contract can be
- renewal - renewing a fixed term contract, including how many times a contract can be renewed
- consecutive contracts - employing a person on consecutive fixed term contracts.
There are some exceptions to who the limitations apply to.
You’re also now required to give every new fixed term employee a Fixed Term Contract Information Statement before they start work or as soon as possible after.
Sharing Economy Reporting Regime
If you operate a sharing economy platform for taxi travel, ride-sourcing or short-term accommodation, make sure you’re ready to submit your first Sharing Economy Reporting Regime (SERR) report by 31 January 2024. Relationship managers are available to guide you through the process.
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