Pay As You Go (PAYG)
What is Pay As You Go (PAYG)? Pay As You Go or PAYG as it is popularly known as is withholding arrangement in the Australian Taxation system. It allows the contractors, employees and payees to withholding payments and repayments with their payers. These amounts typically include their superannuation fund, income tax, medicare payments and higher education loan program. What is the PAYG Summary? The PAYG summary summarises the payments received by the contractor during the financial year. It includes the gross payment received from the payer,...
read morePayroll Solutions in Australia
What are the key services offered by Independent Payroll Solutions in Australia? Independent Payroll Solutions (IPS) is a payroll company offering suite of services to contractors in Australia. It has a team of professionals who are into timely and accurate processing and management of: 1. online timesheets 2. pays 3. Payslips 4. PAYG summary 5. Superannuation funds 6. Novated leases 7. Living Away from Home Allowance 8. Salary sacrificing 9. Packaging of work related items 10. Insurances (Workers Compensation, Public Liability, Professional...
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In Australia Superannuation refers the arrangement where people save funds for life post retirement. Typically this begins when they start earning. As per government laws the employer is obligated to pay the compulsory employer contribution. What is the compulsory employer contribution? Starting from 1st July 2014 the minimum employer contributions are 9.5% of the earnings. Can the contributions exceed the minimum required? Yes, employees can opt to have more funds in their superannuation in Australia by getting into a salary sacrificing...
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