By Kristen Emery-Oracle on Feb 26, 2015
For complete information on planned functionality as well as PeopleSoft's Position Statement on VETS-4212, see Document ID 1983041.1.
The "Patient Protection and Affordable Care Act" (PPACA) (P.L. 111-148) and the "Health Care and Education Reconciliation Act of 2010" (H.R. 4872) were signed into law March of 2010. A major part of this law is the Employer Shared Responsibility provision that went into effect January 1, 2015. Are you prepared? Are you aware of the functionality PeopleSoft has already delivered? Are you up to date on what PeopleSoft plans to deliver in the future?
We are continuously delivering enhancements around the Affordable Care Act. In fact we have just recently delivered some additional enhancements to our Base Benefits module. Links to recent patches, along with information on previously posted enhancements for HRMS, Base Benefits, and Benefits Administration can be found on Document 1919696.1.
The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued new revenue accounting standards in May 2014 with an effective date of 2017. PeopleSoft FSCM Update Image 10 includes enhancements to the PeopleSoft Contracts and Project Costing modules to support customers in their transition to the new accounting standards.
A summary of the changes is included on the PeopleSoft Apps Strategy blog.
Form 16 E Token Digital Signature
An update has been provided in the Position Statement about the solution for Form-16 Digital Signature using E Token. We advise customers to review the position statement for the patch availability. The document is available on My Oracle Support under Document ID 1962660.1
Autumn Statement Changes for 2015-16
On 3rd of December 2014, The Chancellor of the Exchequer delivered his Autumn Statement. Following the announcement, updated rates and thresholds were released affecting certain calculations with respect to National Insurance, PAYE and Statutory Payments. In addition, new thresholds have been announced for student loan calculation and NIC for less than 21 Years of Age. The changes are effective 6th of April 2015. Our revised position statement includes these legislative changes and the respective delivery timelines. We advise customers to review the position statement to keep up-to-date. Our Position Statement can be found on My Oracle Support, Document ID 1631637.1.
Child Support PEA Amount for 2015
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 has been deducted. This amount is termed as Protected Earnings Amount (PEA). The PEA is reviewed each year and adjusted on 1 January to allow for increases in the cost of living. For the year 2015, the PEA from 1 January is set to $349.13. This is the amount that must be set aside for your employee/contractor after tax and Child Support is deducted.
TFN Declaration Reporting
ATO has published The Tax file number (TFN) declaration reporting version 2.3.0 specification. This impacts the electronic lodgment of TFN reporting. The changes are effective 1st of July 2015.
In order to ensure compliance with these legislative initiatives Oracle has published revised position statement on My Oracle Support, Document ID 1632138.1. We encourage our customers to review the latest Statement to keep up to date.
This blog is dedicated to topics focused on legislative updates to PeopleSoft Applications including Human Capital Management and Financials.
For other useful information about PeopleSoft Applications see the PeopleSoft Applications Strategy Blog.
For information about PeopleTools see the PeopleSoft Technology Blog.