Legislative Update for PeopleSoft HCM Global Payroll Australia - Effective July 1, 2024

March 22, 2024 | 1 minute read
Shankar Narayanan
Senior Principal Product Manager
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The ATO has updated the Superannuation, Employee Termination Payment (ETP) thresholds and redundancy tax free amounts effective from 1st July 2024. The following threshold and amounts have been updated:

  • Maximum Super contribution Base: $65,070 per quarter
  • Super guarantee contribution rate: 11.50%
  • Life and Death Benefit ETP Cap: $245,000
  • Tax free part of genuine redundancy and early retirement scheme payments: $12,524 base limit and $6,264 for each complete year of service.

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

Shankar Narayanan

Senior Principal Product Manager


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