GPAUS: Global Payroll Australia Legislative Changes for Tax Year 2022-2023
(Doc ID 2850907.1)
Last updated on DECEMBER 18, 2022
Applies to:
PeopleSoft Enterprise HCM Global Payroll Australia - Version 9.2 to 9.2 [Release 9]Information in this document applies to any platform.
Details
The intent of this document is to describe solutions for problems or questions related to Global Payroll Australia Legislative Changes for Tax Year 2022-2023. This solution applies to customers on PeopleSoft Release 9.2. This is a living document and will be updated as new solutions are created; please review thoroughly on a regular basis.
Please see table below for details.
| Legislative Change | Effective Date | Additional Info | Bug/Patch Number |
Target Pum Image/PRP |
| MONTHLY THRESHOLD($450)FOR SUPERANNUATION GUARANTEE IS REMOVED EFF 1ST JULY 22. | 1st July 2022 | Currently, among other parameters, an employee is entitled to superannuation guarantee contributions from an employer if they are paid $450 or more (before tax) in a month. From 1st July 2022 the $450 threshold limit for superannuation guarantee will be removed. Employees who earn less than $450 per month will also be eligible for superannuation guarantee contribution by their employer. |
<Bug 33881282> |
PRP 235417 / <Bug 33881282> has been posted. https://support.oracle.com/epmos/faces/PatchResultsNDetails?releaseId=27001300090200&requestId=24732479&patchId=33881282&languageId=0&platformId=2000 |
| SUPERANNUATION AND ETP CHANGES | 1st July 2022 | With Effect from 1st July 2022 following changes to Key superannuation rates and threshold will be made. 1)Tax-free limit for bona fide redundancy and approved early retirement schemes for FY 2022-23 will be $11,591 plus $5,797 for each year of completed service. 2)The ETP cap amount indexed annually is set for FY 2022-23 as $2,30,000. 3) The maximum super contribution which is quarterly limit of maximum earning is defined as 60,220 for FY 2022-23. |
<Bug 34140714> |
PRP 237819 /<Bug 34140714> has been posted. |
STUDY AND TRAINING SUPPORT LOAN (STSL) RATES FOR FINANCIAL YEAR 2022-23 |
1st July 2022 | As per the new announcement for financial year 2022-23, the following changes will be effective from 1st July 2022. 1. Tax-free limit for bona fide redundancy and approved early retirement schemes. 2. The maximum super contribution, which is quarterly limit of maximum earning. 3. The ETP maximum cap amount. Details Key rates and threshold changes effective 1st July 2022 are mentioned below. 1. Tax-free limit for bona fide redundancy and approved early retirement schemes will be $11,591 plus $5,797 for each year of completed service. 2. The maximum super contribution, which is quarterly limit of maximum earning is defined as 60,220. 3. The ETP annual cap amount is set as $2,30,000 |
<Bug 34226745> |
PRP 238524 / <Bug 34226745> has been posted. |
| QUEENSLAND PAYROLL TAX MENTAL HEALTH LEVY | 1st Jan 2023 | The mental health levy will apply as a 0.25% cent levy on annual Australian taxable wages above $10 million. An additional 0.5% levy will be applied on annual Australian taxable wages above $100 million. | Bug 34637556 |
PRP has been posted. Targeted into PUM 45 |
| CHANGES TO NSW STATE PAYROLL TAX EFFECTIVE 01-JULY 2022. | 1st July 2022 | NSW State payroll tax has been increased to 5.45% from 4.85%, with effect from 1st July 2022 and the minimum threshold remains unchanged at $1.2 Million/Year. | <Bug 34484634> | PRP has been posted. Targeted into PUM 44. |
| CHANGES TO CHILD SUPPORT PROTECTED EARNINGS EFFECTIVE 1ST OF JANUARY 2023 | 1st Jan 2023 | Child Support Protected Earnings Amount (PEA) is the set minimum amount that must remain in a person¿s wage post deduction of tax and child support. Each year on 1 January, PEA adjusted to allow for increases in the cost of living. Letters are sent to all employers who transfer child support payments on behalf of their employees to advise them of the new amount The weekly PEA is equal to 75% of the maximum fortnightly basic rate of the Newstart Allowance for a person who is over 21, partnered and has no dependent children. PEA rates for 2023 Weekly rate $ 456.53 Fortnightly $ 913.06 (weekly rate × 2) Four week period $ 1826.12 (weekly rate × 4) Monthly period $ 1985.09 (daily rate × 30.4375) Daily Rate = $65.21857 (weekly rate / 7) |
<Bug 34893544> |
PRP has been posted. Targeted into PUM 45 |
Actions
Contacts
To view full details, sign in with your My Oracle Support account. |
|
Don't have a My Oracle Support account? Click to get started! |
In this Document
| Details |
| Actions |
| Contacts |
| References |