Are you ready for the Flood Levy?
On the 1st of July 2011, employees will need to start paying a Flood Levy, of either .5% or 1%, as extra tax on each pay. Is your payroll software updated and ready for this?
On the 1st of July, Australian employers will need to start using a new set of tax scales, so they will duduct an extra .5% from employees earning more than $50,000pa, or an extra 1% from employees earning over $100,000pa. However, employees can apply for an exemption from this levy.
Your Payroll software will need to be able to deal with this. Currently, the ATO issues 7 tax scales, which all Australian Payroll software can deal with. To cater for both exempt and non-exempt employees, your payroll software may now need to cater for 14 scales.
Sybiz Visipay version 10.3 is fully compliant with these requirements. Visipay can handle unlimited tax scales, and will automatically download the new scales when they become avaialble. The new scales will automatically apply from the first pay in July, the only extra work required by your payroll officer is to change the active tax scale of the emplyees that gave you an exemption permission.
If you are a Visipay user and you are NOT on version 10.3, get in touch with us by e-mail as soon as possible to arrange an upgrade.
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For more information on how it could benefit your business, contact Tony at