INCOME SUPPORT BONUS
The Income Support Bonus commenced on 20 March 2013 and will be paid to recipients of Newstart Allowance, Youth Allowance, Parenting Payment Partnered, Parenting Payment Single, Sickness Allowance, Special Benefit, ABSTUDY Living Allowance, Austudy, Transitional Farm Family Payment and Exceptional Circumstances Payment.
The Income Support Bonus will be paid around late March and late September each year and will be indexed to CPI twice annually, in March and September from September 2013, to ensure payment rates keep pace with inflation.
BABY BONUS CHANGES
The amount of Baby Bonus payment for second and subsequent children who come into a family from 1 July 2013 will be reduced from $5,000 to $3,000. The Baby Bonus will continue to be paid at the rate of $5,000 (13 fortnightly instalments) for a family’s first child, and for each child who comes into the family in a multiple birth, adoption or entrustment to care.
The payment rate for Baby Bonus will be reviewed in June 2015.
FAMILY TAX BENEFIT MAXIMUM RATE TO INCREASE
From 1 July 2013, the maximum rate of Family Tax Benefit Part A will increase by $300 a year for families with one child and by $600 per year for families with two or more children. The base rate of Family Tax Benefit will increase by $100 per year for families with one child and by $200 per year for families with two or more children.
Dad and Partner Pay provides eligible dads or partners with financial support to be able to take time off work to bond with their baby and to support mums or partners in the vital early months of their baby’s life.
Dad and Partner Pay is a new payment under the Australian Government’s Paid Parental Leave scheme. It is now available to eligible working dads or partners who care for a child born or adopted from 1 January 2013. It provides eligible working dads or partners (including adopting parents and same-sex couples) with up to two weeks of government-funded pay at the National Minimum Wage (currently about $606 per week before tax).
Dad and Partner Pay is funded by the Australian Government. Employers do not have an administrative role and it will be paid directly by the Australian Government.
You and your employee will need to discuss and agree on unpaid leave arrangements and your employee will have to apply for Dad and Partner Pay themselves.
Eligible dads or partners must:
Dad and Partner Pay can be taken any time in the first year after birth or adoption.
In addition to Dad and Partner Pay, families may be eligible for other family assistance such as Paid Parental Leave or Baby Bonus and Family Tax Benefit.
For more information call the Business hotline on 131 158.
This program is called the WorkCover Data Matching Program and it enables the Australian Taxation Office (ATO) to:
The ATO will collect names and addresses of employer entities from the following state and territory WorkCover sources for the 2011, 2012 and 2013 financial years:
The total number of records Australia-wide is estimated to be 942,000 of which approximately 103,000 will be individuals who are employers. The data acquired will be electronically matched with certain sections of ATO data holdings to identify employers that may not be complying with their registration, lodgement and payment obligations under taxation law.
The ATO may also disclose information about employers that may not be meeting their obligations under workers compensation laws if requested by the relevant WorkCover authorities. The ATO is legally able to make this disclosure.
This was notified in the Commonwealth Government Gazette Notice C2013G00491.
The Australian Business Register (ABR) recently upgraded its registration services, making it even easier to set up a business. As part of the online Australian business number (ABN) application, you can now register for:
Some of your details will be pre-filled from one registration to the next.
If you choose not to apply for these registrations at the same time as your ABN application, you can apply at a later date but will need to do so directly with each agency.
ABN REGISTRATION TIPS
To prevent delays in the online process, make sure:
While you are not legally required to provide a TFN, if you don’t, the online application may fail if the data listed above does not exactly match the information the ATO holds. In the case of a partnership, trust, or company, make sure you provide the TFN for associated individuals or entities.
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