The Australian Government, Department of Human Services has set a minimum amount that must remain in a person’s wage after tax and child support have been deducted. This amount is termed as Protected Earnings Amount (PEA). The PEA is reviewed each year and adjusted on 1st of January to allow for increases in the cost of living. For the year 2024, the PEA from 1st of January is set to $514.50weekly. This is the amount that must be set aside for your employee/contractor after tax and child support have been deducted.
ATO has released/published the new version (v1.8) of the PAYEVNT.0004 (2020) package. Payroll Event (PAYEVNT) now includes the optional STP Adjust action, it gives employers or their intermediaries the ability to report an increase or decrease in previously reported payer period total amounts (Payer total PAYGW amount and/or Payer Gross Payments amount).
The Position Statement has been revised to include more details about these legislative updates and the patch availability. We encourage our customers to review the position statement regularly to stay updated. The Position Statement can be found on My Oracle Support, Doc ID 2973834.1